AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.36% against the USD and closed at 0.7893 on Friday.
LME Copper prices declined 1.0% or $63.0/MT to $6353.5/MT. Aluminium prices rose 0.8% or $16.5/MT to $2040.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7904, with the AUD trading 0.14% higher against the USD from Friday’s close.
Earlier today in China, Australia’s largest trading partner, industrial production recorded a less-than-expected rise of 6.4% in July, compared to market expectations for a rise of 7.1%. In the previous month, industrial production had registered a rise of 7.6%. Also, the nation’s retail sales climbed less-than-expected by 10.4% YoY in July, compared to an advance of 11.0% in the previous month. Market participants had envisaged retail sales to gain 10.8%.
The pair is expected to find support at 0.7856, and a fall through could take it to the next support level of 0.7807. The pair is expected to find its first resistance at 0.7936, and a rise through could take it to the next resistance level of 0.7967.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
