AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.42% against the USD and closed at 0.7628.
LME Copper prices declined 0.14% or $7.0/MT to $4911.5/MT. Aluminium prices rose 0.15% or $2.5/MT to $1672.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7663, with the AUD trading 0.46% higher against the USD from yesterday’s close.
Meanwhile, in China, Australia’s largest trading partner, the gross domestic product rose more-than-expected by 1.8% QoQ in second quarter of 2016, indicating that the massive stimulus measures taken by the government may be having some positive effects on the nation’s economic growth. The economy grew by a revised 1.2% in the prior quarter while markets anticipated the GDP to advance 1.6%. Additionally, the nation’s industrial production climbed 6.2% YoY in June, after recording a rise of 6.0% in the previous month and compared to market expectations for an advance of 5.9%. Also, the nation’s retail sales rose more-than-anticipated by 10.6% on an annual basis in June. In the previous month, retail sales had advanced by 10.0%.
The pair is expected to find support at 0.7617, and a fall through could take it to the next support level of 0.7571. The pair is expected to find its first resistance at 0.7691, and a rise through could take it to the next resistance level of 0.7719.
Moving ahead, market participants look forward to the RBA’s July meeting minutes along with Australia’s NAB business confidence and Westpac leading index data, due to release next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
