AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.67% against the USD and closed at 0.6803.
LME Copper prices declined 0.8% or $50.0/MT to $5876.0/MT. Aluminium prices declined 1.1% or $19.5/MT to $1757.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6806, with the AUD trading marginally higher against the USD from yesterday’s close.
Overnight data showed that Australia’s producer price index advanced 2.0% on an annual basis in 2Q 2019, following a gain of 1.9% in the previous month. Further, the nation’s seasonally adjusted retail sales climbed 0.4% on a monthly basis in June, rising at its fastest pace in 4 months and compared to a rise of 0.1% in the prior month. Market participants had envisaged the retail sales to register an increase of 0.3%.
The pair is expected to find support at 0.6778, and a fall through could take it to the next support level of 0.6750. The pair is expected to find its first resistance at 0.6851, and a rise through could take it to the next resistance level of 0.6896.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
