AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.28% against the USD to close at 0.9369.
LME Copper prices declined 0.7% or $52.0/MT to $ 7102.5/MT. Aluminium prices rose 0.3% or $5.0/MT to $ 1928.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9338, with the AUD trading 0.33% lower from yesterday’s close, despite data from China, Australia’s largest trade partner, showed an expansion in its economic growth for the first time in three quarters. China’s GDP rose 7.5% in the second quarter, more than market expectations for a rise of 7.4%. Other data indicated that industrial production in China registered a 9.2% rise in June, as compared to 8.8% rise reported in previous month. Additionally, retail sales in China rose 12.4%, compared to market expectations for an advance of 12.5%.
Economic release from Australia indicated that the Westpac leading index rose 0.1%, on a monthly basis in June.
The pair is expected to find support at 0.9315, and a fall through could take it to the next support level of 0.9293. The pair is expected to find its first resistance at 0.938, and a rise through could take it to the next resistance level of 0.9423.
Amid a lack of releases today from Australia, trading trends in the pair would be determined by the external factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
