AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 1.31% against the USD and closed at 0.7106 on Friday.
LME Copper prices declined 0.96% or $57.0/MT to $5883.0/MT. Aluminium prices declined 0.02% or $0.5/MT to $2030.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7104, with the AUD trading slightly lower against the USD from Friday’s close.
Elsewhere in China, Australia’s largest trading partner, China’s consumer price index (CPI) rose 2.3% on a yearly basis in August, compared to an advance of 2.1% in the previous month. Market participants had expected the CPI to climb to 2.1%. Moreover, the nation’s producer price index (PPI) climbed 4.1% on an annual basis in August, more than market anticipations for a gain of 4.0%. In the previous month, the PPI had risen 4.6%.
The pair is expected to find support at 0.7073, and a fall through could take it to the next support level of 0.7041. The pair is expected to find its first resistance at 0.7162, and a rise through could take it to the next resistance level of 0.7219.
Trading trend in the Aussie today is expected to be determined by Australia’s NAB business conditions and business confidence indices, both for August, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
