AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.35% against the USD to close at 1.0518.
LME Copper prices declined 0.1% or $4.0/MT to $7426.3/MT. Aluminium prices declined 0.6% or $10.8/MT to $1823.8/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0521, with the AUD trading marginally higher from yesterday’s close.
In Australia, National Australia Bank (NAB) reported that the business confidence index rose to 4 points in July, from -3 points in June. Meanwhile, business conditions index fell to -3 points in July, from -1 point in June.
The pair is expected to find support at 1.0487, and a fall through could take it to the next support level of 1.0454. The pair is expected to find its first resistance at 1.0564, and a rise through could take it to the next resistance level of 1.0608.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
