AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.36% against the USD and closed at 0.7452.
LME Copper prices rose 1.4% or $85.0/MT to $6252.0/MT. Aluminium prices declined 1.2% or $25.5/MT to $ 2056.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7444, with the AUD trading 0.11% lower against the USD from yesterday’s close.
Data released overnight indicated that, Australia’s export price index unexpectedly rose 1.9% in the second quarter of 2018, compared to an advance of 4.9% in the previous quarter. Market participants had envisaged the index to record a drop of 1.3%. Meanwhile, the nation’s import price index climbed 3.2% in Q2, following a revised gain of 2.1% in the prior quarter. Markets were anticipating the index to advance 1.9%.
The pair is expected to find support at 0.7403, and a fall through could take it to the next support level of 0.7361. The pair is expected to find its first resistance at 0.7475, and a rise through could take it to the next resistance level of 0.7505.
Going ahead, traders will await Australia’s Q2 producer price index, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
