Re: Daily market news by Cozfx
COZfx: Australia’s economy grows at fastest pace in nearly two years
COZforex: For the past trading session, the AUD declined 0.51% against the USD and closed at 0.7613.
In commodities, LME Copper prices rose 0.52% or $36.0/MT to $6971/MT; Meanwhile, Aluminium prices declined 0.43% or $10.0/MT to $2314.5/MT.
In the Asian session, the pair is trading at 0.7652, with the AUD trading 0.51% higher against the USD from yesterday’s close, after Australia’s first quarter economic growth came in better-than-expected.
Earlier in the session, data showed that Australia’s seasonally adjusted gross domestic product advanced 1.0% in the first quarter of 2018, driven by exports of mining commodities and compared to a revised rise of 0.5% in the prior quarter. Market participants had expected the GDP to rise by 0.9%.
In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.761 and a fall through could take it to the next support level of 0.7567; Meanwhile, the pair is expected to find its first resistance at 0.768, and a rise through could take it to the next resistance level of 0.7707.
Moving ahead, traders would closely monitor Australia’s trade balance data for April, set to be released early morning tomorrow. Also, the nation’s AiG performance construction for May, due to be released overnight, will garner significant amount of investor attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
(COZ forex UK)