AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.72% against the USD to close at 0.7452.
LME Copper prices declined 1.84% or $103.0/MT to $5502.5/MT. Aluminium prices declined 0.36% or $6.0/MT to $1653.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7469, with the AUD trading 0.23% higher from yesterday’s close.
Early morning data showed that Australia’s Westpac consumer confidence index eased to a level of 92.2 in July, from 95.3 in June.
Elsewhere, the economic growth in China, Australia’s biggest trading partner, rose 7.0% YoY in the second quarter, unchanged with the previous quarter’s rate and beating market forecast for 6.9% growth. Meanwhile, industrial production of the nation climbed more than expected by 6.8% on an annual basis in June following an increase of 6.1% in the previous month. Additionally, China’s retail sales quickened more than anticipated by 10.6% YoY in June, compared to a rise of 10.1% in May.
The pair is expected to find support at 0.7423, and a fall through could take it to the next support level of 0.7378. The pair is expected to find its first resistance at 0.7503, and a rise through could take it to the next resistance level of 0.7537.
Australia’s consumer inflation expectation data, scheduled in the early hours of tomorrow, would be under investor’s radar.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
