AUD/USD: Aussie reverses its gains in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.53% against the USD and closed at 0.6983.

LME Copper prices rose 1.8% or $108.0/MT to $6,194.0/MT. Aluminium prices climbed 1.4% or $22.5/MT to $1,619.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6977, with the AUD trading 0.09% lower against the USD from yesterday’s close.

Elsewhere in China, Australia’s largest trading partner, the consumer price index rose 2.5% on a yearly basis in June, in line with market expectations and compared to a rise of 2.4% in the previous month. Moreover, the producer price index fell 3.0% on an annual basis in June, less than market forecast for a drop of 3.2% and compared to a fall of 3.7% in the previous month.

The pair is expected to find support at 0.6938, and a fall through could take it to the next support level of 0.6898. The pair is expected to find its first resistance at 0.7006, and a rise through could take it to the next resistance level of 0.7034.

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

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