AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.92% against the USD to close at 0.7383.
In July, the retail sales in China, Australia’s largest trading partner, rose 10.50% YoY, slightly less than expectations for 10.60% rise. Additionally, the industrial production in China rose 6.0% in July, lower than expectations for a rise of 6.60%.
Meanwhile, the RBA Deputy Governor Philip Lowe, in a speech, warned that growing household debt prices poses a risk for the nation’s economy.
LME Copper prices declined 0.72% or $37.0 /MT to $ 5103.0 /MT. Aluminium prices remained unchanged at $ 1547.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7389, with the AUD trading 0.07% higher from yesterday’s close, after Australia’s consumer inflation expectations rose to a level of 3.70% in August, vs. a reading of 3.40% in the previous month.
The pair is expected to find support at 0.7278, and a fall through could take it to the next support level of 0.7167. The pair is expected to find its first resistance at 0.7455, and a rise through could take it to the next resistance level of 0.7522.
Amid a lack of any major economic release in the rest of the week, investors would shift their focus to the RBA minutes for the latest policy meeting, scheduled to be released in the next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
