HomeContributorsFundamental AnalysisAussie Dollar Trading On A Stronger Footing In The Asian Session

Aussie Dollar Trading On A Stronger Footing In The Asian Session

For the 24 hours to 23:00 GMT, the AUD rose 0.71% against the USD and closed at 0.7996.

LME Copper prices climbed 1.4% or $88.0/MT to $6238.0/MT. Aluminium prices rose 0.8% or $15.5/MT to $1912.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.8048, with the AUD trading 0.65% higher against the USD from yesterday’s close.

Earlier today, data showed Australia’s import price index unexpectedly eased 0.1% QoQ in 2Q 2017, compared to an advance of 1.2% in the previous quarter and defying market consensus for a gain of 0.7%. Moreover, the nation’s export price index fell more-than-expected by 5.7% on a quarterly basis in 2Q 2017, compared to a revised rise of 8.8% in the previous quarter.

Elsewhere, in China, Australia’s largest trading partner, industrial profits rose 19.1% an annual basis in June, after recording a rise of 16.7% in the prior month.

The pair is expected to find support at 0.7934, and a fall through could take it to the next support level of 0.7819. The pair is expected to find its first resistance at 0.8107, and a rise through could take it to the next resistance level of 0.8165.

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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