AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.88% against the USD to close at 0.7410.
Weekend data revealed that the consumer price index in China, Australia’s biggest trading partner, rose 1.60% YoY in July, compared to a rise of 1.40% in the prior month. However, the trade surplus in July dropped to $43.03 billion in the country, from a surplus of $46.54 billion registered in the prior month.
LME Copper prices declined 0.79% or $41.0/MT to $5135.5/MT. Aluminium prices declined 0.48% or $7.5/MT to $1556.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7397, with the AUD trading 0.17% lower from Friday’s close.
The pair is expected to find support at 0.7347, and a fall through could take it to the next support level of 0.7297. The pair is expected to find its first resistance at 0.7434, and a rise through could take it to the next resistance level of 0.7470.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
