AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.65% against the USD and closed at 0.6928.
LME Copper prices declined 1.8% or $107.0/MT to $5805.0/MT. Aluminium prices remain flat at $1783.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6923, with the AUD trading 0.07% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s Westpac consumer confidence index fell to its lowest level in 2 years by 4.1% on monthly basis, to a level of 96.5 in July. The index had registered a reading of 100.7 in the prior month.
Elsewhere in China, Australia’s largest trading partner, the consumer price index (CPI) rose 2.7% on a yearly basis in June, in line with market expectations and compared to a similar rise in the preceding month.
The pair is expected to find support at 0.6907, and a fall through could take it to the next support level of 0.6891. The pair is expected to find its first resistance at 0.6951, and a rise through could take it to the next resistance level of 0.6979.
Going forward, traders would await Australia’s consumer inflation expectations for July, set to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
