Wed, Dec 02, 2020 @ 00:23 GMT
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Aussie Extends Its Losses In The Asian Session

For the 24 hours to 23:00 GMT, the AUD declined 0.13% against the USD and closed at 0.7151.

LME Copper prices marginally rose to $6,380.0/MT. Aluminium prices declined 0.9% or $16.0/MT to $1,738.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7138, with the AUD trading 0.18% lower against the USD from yesterday’s close.

Elsewhere in China, Australia’s largest trading partner, the house price index rose 4.8% in July, compared to a rise of 4.9% in the prior month. Meanwhile, retail sales unexpectedly fell 1.1% on an annual basis in July, confounding market expectations for a rise of 0.1% and compared to a drop of 1.8% in the previous month. Moreover, industrial production climbed 4.8% on a yearly basis in July, compared to a similar rise in the prior month.

The pair is expected to find support at 0.7121, and a fall through could take it to the next support level of 0.7105. The pair is expected to find its first resistance at 0.7168, and a rise through could take it to the next resistance level of 0.7199.

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

 

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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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