AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.18% against the USD and closed at 0.77.
LME Copper prices declined 1.32% or $64.5/MT to $4810.0/MT. Aluminium prices declined 0.97% or $16.0/MT to $1630.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7681, with the AUD trading 0.25% lower against the USD from yesterday’s close.
Macroeconomic data indicated that China’s, Australia’s largest trading partner, industrial production climbed less-than-expected by 6.0% on an annual basis in July, indicating that the world’s second largest economy is losing its growth momentum. The markets expected it to rise by 6.2%, at par with previous month’s reading. Moreover, the nation’s retail sales advanced by 10.2% YoY in July, less than market expectations for an advance of 10.5% and following a gain of 10.6% in the prior month.
The pair is expected to find support at 0.7658, and a fall through could take it to the next support level of 0.7634. The pair is expected to find its first resistance at 0.7714, and a rise through could take it to the next resistance level of 0.7746.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
