AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.34% against the USD to close at 0.7645.
LME Copper prices declined 0.55% or $25.5/MT to $4617.5/MT. Aluminium prices declined 1.04% or $16.5/MT to $1566.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7643, with the AUD trading marginally lower against the USD from yesterday’s close.
Early this morning, data showed that Australia’s home loan approvals declined more-than-expected by 4.2% in July, following a 1.7% rise in the previous month.
Meanwhile in China, Australia’s largest trading partner, consumer price index (CPI) rose
1.3% YoY in August, its weakest pace of growth in almost a year. The CPI had risen 1.80% in the previous month. Further, the nation’s producer price index fell 0.8% YoY in August, falling at its slowest rate for more than four years, after registering a fall of 1.7% in the previous month.
The pair is expected to find support at 0.7605, and a fall through could take it to the next support level of 0.7568. The pair is expected to find its first resistance at 0.7706, and a rise through could take it to the next resistance level of 0.7770.
Going ahead, investors will look forward to Australia’s unemployment rate, Westpac consumer confidence index and consumer inflation expectations data, all scheduled to release next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
