AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.19% against the USD and closed at 0.7940.
LME Copper prices jumped 2.5% or $150.0/MT to $6150.0/MT. Aluminium prices rose 0.3% or $6.5/MT to $1896.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7913, with the AUD trading 0.34% lower against the USD from yesterday’s close.
Earlier in the session, the Reserve Bank of Australia (RBA) Governor, Philip Lowe, diminished the odds of an interest rate hike, stating that interest rates will stay lower for longer amid subdued wage growth and high household debt.
In economic news, data showed that Australia’s consumer price index rose less-than-anticipated by 0.2% on a quarterly basis in the second quarter of 2017, compared to an advance of 0.5% in the previous quarter, while markets had expected the index to climb 0.4%.
The pair is expected to find support at 0.7881, and a fall through could take it to the next support level of 0.7848. The pair is expected to find its first resistance at 0.7958, and a rise through could take it to the next resistance level of 0.8002.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
