AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.24% against the USD and closed at 0.7386.
LME Copper prices declined 0.7% or $15.5/MT to $6040.0/MT. Aluminium prices rose/declined 2.1% or $127.0/MT to $2000.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7391, with the AUD trading 0.07% higher against the USD from yesterday’s close.
Overnight data showed that, Australia’s AIG performance of construction index advanced to a level of 52.0 in July, following a reading of 50.6 in the prior month.
Separately, the Reserve Bank of Australia (RBA), in its August monetary policy meeting, kept its interest rate steady at 1.50%, as widely expected.
The pair is expected to find support at 0.7375, and a fall through could take it to the next support level of 0.7359. The pair is expected to find its first resistance at 0.7406, and a rise through could take it to the next resistance level of 0.7421.
Trading trends in the Aussie today is expected to be determined by the Reserve Bank of Australia’s Governor, Philip Lowe’s speech, due overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
