AUD/USD: Australia’s consumer inflation expectation fell in August


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.34% against the USD and closed at 0.7888.

LME Copper prices rose 1.6% or $101.0/MT to $6465.0/MT. Aluminium prices rose 1.9% or $37.0/MT to $2018.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7883, with the AUD trading 0.06% lower against the USD from yesterday’s close.

Early morning data showed that Australia’s consumer inflation expectation dropped to 4.2% in August, following a reading of 4.4% in the previous month.

The pair is expected to find support at 0.7860, and a fall through could take it to the next support level of 0.7838. The pair is expected to find its first resistance at 0.7908, and a rise through could take it to the next resistance level of 0.7934.

Looking forward, a speech by the RBA Governor, Philip Lowe, scheduled overnight, will be keenly watched by market participants.

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

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