AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.16% against the USD to close at 0.9432.
LME Copper prices declined 0.3% or $21.0/MT to $6955.0/MT while Aluminium prices edged up marginally by $0.5/MT to $1850.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9419, with the AUD trading 0.14% lower from yesterday’s close. Earlier today, the RBA, at its July policy meeting, held its interest rate at 2.5%, confirming its earlier decision to maintain a “period of stability” in interest rates.
In other economic news, the AiG reported that its index measuring the performance of manufacturing activities in the Australian economy edged down to a level of 48.9 in June, from an earlier month’s reading of 49.2.
Meanwhile, data from China, Australia’s largest trading partner, showed that the NBS manufacturing PMI edged up to a six-month high reading of 51.0 in June while the HSBC manufacturing PMI also advanced to a figure of 50.7 in June, rising above the 50-level-mark for the first time this year.
The pair is expected to find support at 0.9390, and a fall through could take it to the next support level of 0.9362. The pair is expected to find its first resistance at 0.9444, and a rise through could take it to the next resistance level of 0.9470.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
