Aussie Trading On A Weaker Footing This Morning
GCI Financial | Jul 20, 2015 04:04AM ET
On Friday, the AUD weakened 0.39% against the USD to close at 0.7381.
LME Copper prices declined 1.18% or $65.0/MT to $5465.0/MT. Aluminium prices declined 0.03% or $0.5/MT to $1663.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7340, with the AUD trading 0.56% lower from Friday’s close.
In China, Australia’s biggest trading partner, the house price index eased 4.9% in June, compared to a 5.7% fall recorded in the month of May. A leading economic forecaster has indicated that chances of a recession in Australia are higher, as the Chinese economy is running out of steam.
The pair is expected to find support at 0.7308, and a fall through could take it to the next support level of 0.7276. The pair is expected to find its first resistance at 0.7396, and a rise through could take it to the next resistance level of 0.7453.
Moving ahead, the RBA minutes from its recent monetary policy meeting, scheduled in the early hours tomorrow, would grab a lot of attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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