AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.22% against the USD and closed at 0.7600 on Friday.
LME Copper prices declined 0.3% or $19.5/MT to $5809.0/MT. Aluminium prices declined 0.3% or $5.5/MT to $1920.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7612, with the AUD trading 0.16% higher against the USD from Friday’s close.
Earlier today in China, Australia’s largest trading partner, the consumer price index (CPI) advanced 1.5% on an annual basis in June, lower than market expectations for an advance of 1.6%. The CPI had registered a similar rise in the prior month. Moreover, the nation’s producer price index (PPI) rose 5.5% YoY in June, meeting market expectations and compared to a similar rise in the prior month.
The pair is expected to find support at 0.7582, and a fall through could take it to the next support level of 0.7551. The pair is expected to find its first resistance at 0.7633, and a rise through could take it to the next resistance level of 0.7653.
Going ahead, market participants will focus on Australia’s NAB business confidence index for June, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
