AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.66% against the USD and closed at 0.7020 on Friday.
LME Copper prices rose 0.4% or $25.0/MT to $5950.0/MT. Aluminium prices declined 0.4% or $7.5/MT to $1799.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7033, with the AUD trading 0.19% higher against the USD from Friday’s close.
Overnight data showed that China’s gross domestic product (GDP) climbed 1.6% on a quarterly basis in 2Q 2019, rising at its weakest pace in 27 years and higher than market expectations for an advance of 1.5%. In the previous quarter, GDP had recorded a rise of 1.4%. Moreover, the nation’s industrial production jumped 6.3% on an annual basis in June, higher than market expectations for a rise of 5.2%. In the previous month, industrial production had registered an increase of 5.0%. Additionally, retail sales advanced 9.8% on a yearly basis in June, higher than market expectations for a rise of 8.5%. In the prior month, retail sales had recorded a rise of 8.6%.
The pair is expected to find support at 0.6999, and a fall through could take it to the next support level of 0.6966. The pair is expected to find its first resistance at 0.7050, and a rise through could take it to the next resistance level of 0.7068.
Looking ahead, traders would await the Reserve Bank of Australia’s meeting minutes, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
