AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.99% against the USD and closed at 0.7378.
LME Copper prices rose 0.1% or $3.0/MT to $6255.0/MT. Aluminium prices declined 0.1% or $2.5/MT to $2054.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7388, with the AUD trading 0.14% higher against the USD from yesterday’s close.
Overnight data showed that, Australia’s producer price index advanced 1.5% on an annual basis in the second quarter of 2018, following a rise of 1.7% in the previous quarter.
The pair is expected to find support at 0.7357, and a fall through could take it to the next support level of 0.7327. The pair is expected to find its first resistance at 0.7433, and a rise through could take it to the next resistance level of 0.7479.
Going ahead, traders will closely monitor Australia’s AiG performance of manufacturing index, trade balance and building approvals, all set to release next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
