AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.41% against the USD and closed at 0.7012.
LME Copper prices declined 0.6% or $38.5/MT to $5959.0/MT. Aluminium prices rose 0.4% or $8.0/MT to $1818.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7005, with the AUD trading 0.10% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s Westpac leading index declined 0.08% on a monthly basis in June, following a revised fall of 0.07% in the prior month.
The pair is expected to find support at 0.6992, and a fall through could take it to the next support level of 0.6978. The pair is expected to find its first resistance at 0.7029, and a rise through could take it to the next resistance level of 0.7052.
Moving ahead, traders would await Australia’s unemployment rate for June and the NAB business confidence for the second quarter, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
