AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 1.2% against the USD and closed at 0.7825 on Friday.
LME Copper prices declined 0.8% or $44.0/MT to $5858.0/MT. Aluminium prices declined 0.4% or $7.0/MT to $1904.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7816, with the AUD trading 0.12% lower against the USD from Friday’s close.
Earlier today, data showed that China’s, Australia’s largest trading partner, gross domestic product (GDP) rose more-than-expected by 6.9% YoY in the second quarter of 2017, aided by a pick-up in industrial output and strong investment. The GDP had recorded a similar rise in the prior quarter, while market participants anticipated for an expansion of 6.8%. Further, the nation’s industrial production gained 7.6% on an annual basis in June, exceeding market expectations for a rise of 6.5%. In the previous month, industrial production had climbed 6.5%. Also, the nation’s retail sales grew more-than-anticipated by 11.0% YoY in June, rising at its fastest pace since December 2015. In the previous month, retail sales had advanced 10.7%.
The pair is expected to find support at 0.7756, and a fall through could take it to the next support level of 0.7696. The pair is expected to find its first resistance at 0.7855, and a rise through could take it to the next resistance level of 0.7894.
Looking ahead, the Reserve Bank of Australia’s recent meeting minutes, slated to release in the early hours of tomorrow, will be eyed by traders.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
