AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 1.62% against the USD and closed at 0.7132.
LME Copper prices rose 1.5% or $96.5/MT to $6,513.0/MT. Aluminium prices climbed 1.6% or $25.5/MT to $1,646.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7137, with the AUD trading 0.07% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s Westpac leading index rose 0.4% on a monthly basis in June, compared to a rise of 0.2% in the prior month. On the contrary, retail sales advanced 2.4% on a monthly basis in June, less than market forecast for a rise of 7.1% and compared to a surge of 16.9% in the previous month.
The pair is expected to find support at 0.7053, and a fall through could take it to the next support level of 0.6969. The pair is expected to find its first resistance at 0.7184, and a rise through could take it to the next resistance level of 0.7231.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
