AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.38% against the USD and closed at 0.7597.
LME Copper prices rose 0.6% or $31.5/MT to $5687.0/MT. Aluminium prices rose 0.03% or $0.5/MT to $1861.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7590, with the AUD trading 0.09% lower against the USD from yesterday’s close.
Earlier today, minutes of the Reserve Bank of Australia’s (RBA) June meeting revealed that committee members were concerned about household debt and wage growth, while policy makers expect a broad slowdown in the nation’s first quarter growth, weighed by weaker consumption. Nevertheless, the central bank expressed confidence that growth in the resource-rich economy will accelerate over coming years.
On the data front, Australia’s house price index advanced 2.2% on a quarterly basis in 1Q 2017, meeting market expectations and compared to a gain of 4.1% in the previous quarter.
The pair is expected to find support at 0.7574, and a fall through could take it to the next support level of 0.7557. The pair is expected to find its first resistance at 0.7618, and a rise through could take it to the next resistance level of 0.7645.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
