AUDUSD Movement
On Friday, the AUD strengthened 0.06% against the USD to close at 0.9275.
In economic news, the foreign exchange reserves surplus in Australia fell to A$ 62.714 billion in July, from a surplus of A$ 62.872 billion reported a month earlier.
LME Copper prices rose 0.6% or $39.5/MT to $7020.0/MT. Aluminium prices rose 0.1% or $3.0/MT to $2017.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9285, with the AUD trading 0.11% higher from Friday’s close.
Over the weekend, in China, Australia’s biggest trading partner, reported that the consumer price index rose 0.1% in July, on a monthly basis, in line market expectations. In the previous month, it had registered a drop of 0.1%. Meanwhile, China’s PPI dropped 0.9% (Y-o-Y) in July, for the 29th month in a row. In the previous month, the index fell by 1.1%.
The pair is expected to find support at 0.9252, and a fall through could take it to the next support level of 0.922. The pair is expected to find its first resistance at 0.9303, and a rise through could take it to the next resistance level of 0.9322.
The currency pair is trading above its 20 Hr moving average and moving below its 50 Hr moving average.
