AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.15% against the USD and closed at 0.7431.
LME Copper prices declined 0.3% or $19.0/MT to $6113.0/MT. Aluminium prices remain unchanged at $2022.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7447, with the AUD trading 0.22% higher against the USD from yesterday’s close.
Elsewhere in China, Australia’s largest trading partner, the consumer price index (CPI) climbed 2.1% on an annual basis in July, more than market expectations for an advance of 2.0%. The index had registered a rise of 1.9% in the previous month. Moreover, the nation’s producer price index (PPI) rose 4.6% on an annual basis in July, higher than market expectations for a gain of 4.5%. The index had increased 4.7% in the previous month.
The pair is expected to find support at 0.7402, and a fall through could take it to the next support level of 0.7358. The pair is expected to find its first resistance at 0.7472, and a rise through could take it to the next resistance level of 0.7498.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
