AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 1.23% against the USD to close at 0.7676.
LME Copper prices rose 0.43% or $20.0/MT to $4623.0/MT. Aluminium prices rose 0.32% or $5.0/MT to $1573.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7667, with the AUD trading 0.12% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s AiG performance of construction index fell into contractionary territory in August by registering a level of 46.6, from a reading of 51.6 reported in the previous month.
Early this morning, the Australian Bureau of Statistics reported that Australia’s GDP rose 0.5% QoQ in 2Q 2016, compared to a revised advance of 1.0% in the previous quarter, as firm consumer spending and trade continued to support growth. The nation has now gone 25 years without being in recession. Meanwhile, on an annual basis, the nation’s GDP accelerated 3.3%, the fastest pace of growth in four years. In the prior quarter, GDP had advanced by a revised 3.0%.
The pair is expected to find support at 0.7623, and a fall through could take it to the next support level of 0.7580. The pair is expected to find its first resistance at 0.7699, and a rise through could take it to the next resistance level of 0.7732.
Moving ahead, market participants will look forward to Australia’s trade balance data for July, scheduled to release in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
