AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.31% against the USD to close at 0.9890, as risk aversion increased among investors, after Moody’s Investors Service cut the credit ratings of 16 Spanish banks and Greece was downgraded by Fitch Ratings.
LME Copper prices declined marginally or $2.0/MT to $7707.5/ MT. Aluminium prices declined 0.4% or $7.5/MT to $1986.8/ MT.
In the Asian session, at GMT0300, the pair is trading at 0.9858, with the AUD trading 0.33% lower from yesterday’s close.
The pair is expected to find support at 0.9807, and a fall through could take it to the next support level of 0.9757. The pair is expected to find its first resistance at 0.9936, and a rise through could take it to the next resistance level of 1.0014.
With no major release from Australia, the pair is expected to trade on trends in the greenback.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
