AUD/USD: Aussie extends its losses in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.13% against the USD and closed at 0.7151.

LME Copper prices marginally rose to $6,380.0/MT. Aluminium prices declined 0.9% or $16.0/MT to $1,738.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7138, with the AUD trading 0.18% lower against the USD from yesterday’s close.

Elsewhere in China, Australia’s largest trading partner, the house price index rose 4.8% in July, compared to a rise of 4.9% in the prior month. Meanwhile, retail sales unexpectedly fell 1.1% on an annual basis in July, confounding market expectations for a rise of 0.1% and compared to a drop of 1.8% in the previous month. Moreover, industrial production climbed 4.8% on a yearly basis in July, compared to a similar rise in the prior month.

The pair is expected to find support at 0.7121, and a fall through could take it to the next support level of 0.7105. The pair is expected to find its first resistance at 0.7168, and a rise through could take it to the next resistance level of 0.7199.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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