AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.75% against the USD, on Friday, to close at 0.9829.
The Standard & Poor’s Ratings Services affirmed Australia’s long-term AAA credit rating amid the country’s economic resilience, public policy stability and sound financial sector. It further stated that the outlook remains stable.
In the Asian session at 3:00GMT, the Australian Dollar is trading at 0.9777, 0.53% lower from Friday’s close at 23:00 GMT, after comments from German Chancellor Angela Merkel raised concerns that Greece’s debt problems could spread to other economies.
LME Copper prices declined 6.5% or $505.3/MT to $7,285.0/ MT. Aluminium prices declined 2.5% or $55.0/MT to $2,169.8/ MT.
The pair is expected to find first short term resistance at 0.9830, with the next resistance levels at 0.9882 and 0.9976, subsequently. The first support for the pair is seen at 0.9736, followed by next supports at 0.9694 and 0.9600 respectively.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
