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AUD/USD: Aussie Trading Lower In The Asian Session

For the 24 hours to 23:00 GMT, the AUD declined 0.84% against the USD and closed at 0.7523.

LME Copper prices declined 0.4% or $25.0/MT to $5782.0/MT. Aluminium prices rose 1.2% or $23.0/MT to $1881.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7513, with the AUD trading 0.13% lower against the USD from yesterday’s close.

Earlier today, in China, Australia’s largest trading partner, the consumer price index (CPI) advanced 0.8% YoY in February, falling short of market expectations for a rise of 1.7% and rising at its slowest pace since January 2015. The CPI had climbed 2.5% in the previous month. On the other hand, the nation’s producer price index increased more-than-expected by 7.8% on an annual basis in February, accelerating at its fastest pace in nearly nine years and compared to market expectations for an advance of 7.7%. In the previous month, the index had advanced 6.9%.

The pair is expected to find support at 0.7479, and a fall through could take it to the next support level of 0.7444. The pair is expected to find its first resistance at 0.7578, and a rise through could take it to the next resistance level of 0.7642.

The currency pair is trading/showing convergence with its 20 Hr and 50 Hr moving average.

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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