AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.3% against the USD and closed at 0.7972.
LME Copper prices rose 1.4% or $87.0/MT to $6325.0/MT. Aluminium prices rose x.x% or $xx.x/MT to $xxxx.x/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7974, with the AUD trading a tad higher against the USD from yesterday’s close.
Early this morning, data showed that Australia’s producer price index (PPI) advanced 0.5% on a quarterly basis in the second quarter of 2017. The PPI had registered a similar rise in the prior quarter.
The pair is expected to find support at 0.7929, and a fall through could take it to the next support level of 0.7885. The pair is expected to find its first resistance at 0.8042, and a rise through could take it to the next resistance level of 0.8111.
Next week, market participants will focus on the Reserve Bank of Australia’s monetary policy decision.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
