AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.68% against the USD and closed at 0.6797.
LME Copper prices declined 0.5% or $27.5/MT to $5697.0/MT. Aluminium prices dropped 0.7% or $12.0/MT to $1731.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6789, with the AUD trading 0.12% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s Westpac consumer confidence index rose 3.6% on monthly basis to a level of 100.0 in August, compared to a reading of 96.5 in the prior month.
Elsewhere in China, Australia’s largest trading partner, the nation’s industrial production advanced 4.8% on an annual basis in July, compared to a rise of 6.3% in the previous month. Market participants had envisaged industrial production to record a gain of 6.0%. Moreover, retail sales climbed 7.6% on an annual basis in July, undershooting market expectations for a rise of 8.0%. In the prior month, retail sales had recorded an advance of 9.8%.
The pair is expected to find support at 0.6752, and a fall through could take it to the next support level of 0.6714. The pair is expected to find its first resistance at 0.6823, and a rise through could take it to the next resistance level of 0.6856.
Going ahead, traders would closely monitor Australia’s consumer inflation expectations for August and unemployment rate for July, scheduled to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
