HomeContributorsFundamental AnalysisAussie Reverses Its Gains In The Asian Session

Aussie Reverses Its Gains In The Asian Session

For the 24 hours to 23:00 GMT, the AUD rose 0.53% against the USD and closed at 0.6983.

LME Copper prices rose 1.8% or $108.0/MT to $6,194.0/MT. Aluminium prices climbed 1.4% or $22.5/MT to $1,619.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6977, with the AUD trading 0.09% lower against the USD from yesterday’s close.

Elsewhere in China, Australia’s largest trading partner, the consumer price index rose 2.5% on a yearly basis in June, in line with market expectations and compared to a rise of 2.4% in the previous month. Moreover, the producer price index fell 3.0% on an annual basis in June, less than market forecast for a drop of 3.2% and compared to a fall of 3.7% in the previous month.

The pair is expected to find support at 0.6938, and a fall through could take it to the next support level of 0.6898. The pair is expected to find its first resistance at 0.7006, and a rise through could take it to the next resistance level of 0.7034.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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