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Aussie Trading Higher In The Morning Session

For the 24 hours to 23:00 GMT, the AUD declined 0.50% against the USD and closed at 0.7381.

LME Copper prices declined 0.02% or $1.5/MT to $6141.5/MT. Aluminium prices declined 0.94% or $20.0/MT to $2110.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7386, with the AUD trading 0.07% higher against the USD from yesterday’s close.

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Overnight data showed that Australia’s Westpac leading index rose 0.01% on a monthly basis in June, after registering a revised drop of 0.23% in the previous month.

The pair is expected to find support at 0.7362, and a fall through could take it to the next support level of 0.7338. The pair is expected to find its first resistance at 0.7424, and a rise through could take it to the next resistance level of 0.7462.

Looking forward, investors will keep an eye on Australia’s unemployment rate for June and the NAB business confidence for Q2, slated to release overnight.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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