AUDUSD Movement
On Friday, the AUD weakened 0.32% against the USD to close at 0.8909.
LME Copper prices rose 0.3% or $20.0/MT to $7019.0/MT. Aluminium prices declined 0.4% or $6.5/MT to $1770.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8866, with the AUD trading 0.48% lower from Friday’s close. Data released this morning indicated that the seasonally adjusted retail sales in Australia recorded a flat change on a monthly basis in June, while the seasonally adjusted performance of services index slipped to a reading of 39.4 in July. Separately, the inflation gauge climbed to 0.5% (MoM) in July. Separately, in China, the services purchasing managers’ index remained unchanged at a reading of 51.3 in July.
The pair is expected to find support at 0.8818, and a fall through could take it to the next support level of 0.8771. The pair is expected to find its first resistance at 0.8942, and a rise through could take it to the next resistance level of 0.9019.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
