AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 1.59% against the USD and closed at 0.7920.
LME Copper prices declined 0.4% or $25.0/MT to $5940.5/MT. Aluminium prices declined 0.7% or $14.0/MT to $1887.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7926, with the AUD trading 0.08% higher against the USD from yesterday’s close.
Earlier in the session, data showed that Australia’s Westpac leading index fell 0.14% in June. In the previous month, the index had dropped by a revised 0.01%.
The pair is expected to find support at 0.7880, and a fall through could take it to the next support level of 0.7834. The pair is expected to find its first resistance at 0.7957, and a rise through could take it to the next resistance level of 0.7988.
Moving ahead, investors will closely monitor Australia’s unemployment rate data for June, slated to release in the early hours of tomorrow, to gauge strength in the nation’s labour market.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
