AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.68% against the USD to close at 0.7424.
LME Copper prices rose 0.93% or $50.5/MT to $5475.5/MT. Aluminium prices declined 0.37% or $6.0/MT to $1630.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7389, with the AUD trading 0.48% lower from yesterday’s close.
Early morning data showed that, consumer price inflation in Australia climbed 0.7% QoQ in the second quarter of 2015, following a 0.2% increase in the previous quarter, while analysts were expecting the prices to rise 0.8%.
Separately, the RBA Governor, Glenn Stevens, opined that long term risk factors would be considered in any further interest rates cuts and that the depreciation of the nation’s currency is having an expansionary effect on the Australian economy. Further he warned that recent movement in China’s equity market might slightly impact the Australian economy.
The pair is expected to find support at 0.7336, and a fall through could take it to the next support level of 0.7284. The pair is expected to find its first resistance at 0.7446, and a rise through could take it to the next resistance level of 0.7504.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
