AUD/USD: Aussie trading higher, ahead of RBA Governor, Lowe’s speech


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.37% against the USD and closed at 0.7596 on Friday.

LME Copper prices rose 0.23% or $17.0/MT to $7262.5/MT. Aluminium prices declined 1.87% or $43.5/MT to $2287.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7607, with the AUD trading 0.14% higher against the USD from Friday’s close.

Elsewhere in China, Australia’s largest trading partner, the consumer price index (CPI) rose 1.8% on an annual basis in May, in line with market expectations. The CPI had registered a similar rise in the prior month. Additionally, the nation’s producer price index (PPI) jumped 4.1% on a yearly basis in May, beating market expectations for a rise of 3.8%. In the previous month, the PPI had recorded a rise of 3.4%.

The pair is expected to find support at 0.7572, and a fall through could take it to the next support level of 0.7536. The pair is expected to find its first resistance at 0.7632, and a rise through could take it to the next resistance level of 0.7656.

Going ahead, investors would await a speech by the Reserve Bank of Australia’s (RBA) Governor Philip Lowe, due overnight.

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

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