Aussie Trading On A Weaker Footing This Morning

AUD/USD Movement

For the 24 hours to 23:00 GMT, the AUD rose 1.08% against the USD and closed at 0.7605.

LME Copper prices declined 0.44% or $21.5/MT to $4885.5/MT. Aluminium prices declined 0.61% or $10.0/MT to $1635.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7597, with the AUD trading 0.11% lower against the USD from yesterday’s close.

Overnight data suggested that, Australia’s AiG performance of services index rose to a level of 53.9 in July, compared to a level of 51.3 in the previous month.

Separately, earlier this morning, In China, Australia’s largest trading partner, the Caixin services PMI expanded at a slower pace of 51.7 in July, compared to a level of 52.7 in the previous month.

The pair is expected to find support at 0.7515, and a fall through could take it to the next support level of 0.7434. The pair is expected to find its first resistance at 0.7658, and a rise through could take it to the next resistance level of 0.7720.

Investors would now concentrate on Australia’s retail sales data for June, slated to release in the early hours’ tomorrow.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.