AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.09% against the USD to close at 1.0456, as risk appetite eased after the European Central bank failed to introduce sufficient steps to address the region’s debt crisis.
LME Copper prices declined 1.5% or $111.3/MT to $7386.3/ MT. Aluminium prices declined 1.2% or $23.0/MT to $1820.8/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0468, with the AUD trading 0.11% higher from yesterday’s close.
Data released this morning showed that the AiG performance of services index in Australia fell to a reading of 46.5 in July, compared to a reading of 48.8 in June.
In China, the official purchasing managers’ index (PMI) for the services sector fell to 55.6 in July, from 56.7 in June. However, the HSBC services PMI rose to 53.1 in July, compared to 52.3 in June.
The pair is expected to find support at 1.0411, and a fall through could take it to the next support level of 1.0355. The pair is expected to find its first resistance at 1.0552, and a rise through could take it to the next resistance level of 1.0637.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
