Aussie Trading Lower This Morning
GCI Financial | Jul 06, 2015 02:32AM ET
On Friday, the AUD weakened 1.42% against the USD to close at 0.7528.
LME Copper prices rose 0.01% or $0.5/MT to $5761.5/MT. Aluminium prices declined 0.47% or $8.0/MT to $1685.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7497, with the AUD trading 0.41% lower from Friday’s close.
Early morning data showed that Australia’s TD Securities monthly inflation gauge recorded a drop to 0.10% MoM in June, compared to a level of 0.30% in May.
The pair is expected to find support at 0.7439, and a fall through could take it to the next support level of 0.7381. 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 0.7659.
The RBA’s interest rate decision, scheduled in the early hours tomorrow would keep investors on their toes.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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