AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 1.28% against the USD to close at 0.9169, as investors continued to cheer an upbeat Australian GDP data.
LME Copper prices declined 0.8% or $58.0/MT to $7125.5/MT. Aluminium prices slid 1.6% or $28.5/MT to $1744.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9167, with the AUD trading marginally lower from yesterday’s close. Earlier today, an official report revealed that the Australia’s trade balance registered a deficit of $765 million in July, defying market expectation for a surplus of $110 million and compared to a $243 million surplus recorded in the previous month.
The pair is expected to find support at 0.9105, and a fall through could take it to the next support level of 0.9044. The pair is expected to find its first resistance at 0.9209, and a rise through could take it to the next resistance level of 0.9252.
Trading trends in the pair today are expected to be determined by AiG performance of construction index and other economic release from the US, slated to release later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
