For the 24 hours to 23:00 GMT, the AUD rose 0.18% against the USD and closed at 0.7199.

LME Copper prices declined 1.1% or $72.5/MT to $6,594.5/MT. Aluminium prices rose 0.5% or $9.0/MT to $ ,755.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7202, with the AUD trading marginally higher against the USD from yesterday’s close.

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Overnight data showed that Australia’s Commonwealth Bank manufacturing PMI eased to 53.9 in August, compared to a level of 54.0 in the previous month. Moreover, the Commonwealth Bank services PMI dropped to 48.1 in August, compared to a level of 58.2 in the prior month. Meanwhile, retail sales advanced 3.3% on a monthly basis in July, compared to a rise of 2.7% in the previous month.

The pair is expected to find support at 0.7153, and a fall through could take it to the next support level of 0.7105. The pair is expected to find its first resistance at 0.7233, and a rise through could take it to the next resistance level of 0.7265.

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

 

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