AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.98% against the USD to close at 1.0144, after official data showed that Australia’s economy shed 27,000 jobs in June, disappointing expectations for a 200 increase and following a 27,800 rise in the previous month.
LME Copper prices declined 0.2% or $17.8/MT to $7507.5/ MT. Aluminium prices declined 2.0% or $37.0/MT to $1835.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0164, with the AUD trading 0.20% higher from yesterday’s close.
In China, gross domestic product rose 7.6% (YoY) in the second quarter, the slowest rate of growth since the first quarter of 2009. Additionally, industrial output expanded 9.5% (YoY) in June, a pace slightly slower than 9.6% in May. Moreover, retail sales climbed 13.7% (YoY) in June.
The pair is expected to find support at 1.0110, and a fall through could take it to the next support level of 1.0055. The pair is expected to find its first resistance at 1.0210, and a rise through could take it to the next resistance level of 1.0255.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
