AUD/USD: Australian economic growth strengthened in 2Q 2017


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.73% against the USD and closed at 0.8005.

LME Copper prices rose 0.5% or $31.0/MT to $6904.0/MT. Aluminium prices declined 0.6% or $13.5/MT to $2082.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7994, with the AUD trading 0.14% lower against the USD from yesterday’s close.

Earlier today, data showed that Australia’s seasonally adjusted gross domestic product (GDP) advanced by 0.8% QoQ in the second quarter of 2017, boosted by government and consumer spending and compared to a rise of 0.3% in the prior quarter. However, markets had anticipated the nation’s GDP to climb 0.9%.

The pair is expected to find support at 0.7952, and a fall through could take it to the next support level of 0.7910. The pair is expected to find its first resistance at 0.8032, and a rise through could take it to the next resistance level of 0.8070.

Looking ahead, investors will closely watch Australia’s AiG performance of construction index for August, slated to release overnight. Moreover, the nation’s retail sales and trade balance data, both for July, slated to release in the early hours of tomorrow, will be on investors’ radar.

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

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