AUDUSD Movement

For the 24 hours to 23:00 GMT, AUD strengthened 0.01% against the USD to close at 1.0243.

LME Copper prices rose 0.6% or $43.0/MT to $7647.3/ MT. Aluminium prices rose 1.8% or $32.5/MT to $1866.8/ MT.

In the Asian session, at GMT0300, the pair is trading at 1.027, with the AUD trading 0.26% higher from yesterday’s close, after the Australian building permits rose sharply in May.

In Australia, building approvals rose sharply by 27.3% (MoM) May, against the market expectation of a rise by 5.0%.

Adding to gains, non-manufacturing purchasing manager index in China, Australia’s biggest trading partner, rose to reading of 56.7 in June, compared to a reading of 55.2 in May.

The pair is expected to find support at 1.0229, and a fall through could take it to the next support level of 1.0189. The pair is expected to find its first resistance at 1.0294, and a rise through could take it to the next resistance level of 1.0319.

In a day ahead, Reserve Bank of Australia (RBA) is expected to keep it interest rate constant at 3.50%. Investors are also eyeing RBA monetary policy statement and AiG performance of services index, later today.

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