Aussie Trading On Stronger Footing In The Morning Session
GCI Financial | Oct 19, 2015 03:38AM ET
For the 24 hours to 23:00 GMT, the AUD weakened 0.82% against the USD to close at 0.7273.
LME Copper prices declined 1.38% or $74.0/MT to $5270.0/MT. Aluminium prices declined 1.59% or $25.0/MT to $1542.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7282, with the AUD trading 0.13% higher from Friday’s close.
Early morning data showed that, GDP growth in China, Australia’s largest trading partner, rose 6.9% YoY in the third quarter, beating expectations for a rise of 6.8%. The growth was mainly backed by a stronger services sector and robust consumption that helped offset the weakness in the nation’s manufacturing and exports sector. However, it was the slowest quarterly expansion since the first three months of 2009. Also, the country’s retail sales grew 10.9% YoY in September, exceeding market expectations of an increase of 10.8%. On the other hand, China’s industrial production rose less-than-expected by 5.7% YoY in September, after a 6.1% increase in the previous month.
The pair is expected to find support at 0.7246, and a fall through could take it to the next support level of 0.721. The pair is expected to find its first resistance at 0.7312, and a rise through could take it to the next resistance level of 0.7341.
Moving ahead, investors will closely watch the RBA October meeting minutes, scheduled to be released in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
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