AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, AUD weakened 0.55% against the USD to close at 1.0220.
LME Copper prices declined 2.1% or $163.5/MT to $7597.5/ MT. Aluminium prices declined 1.4% or $26.8/MT to $1887.5/ MT.
Over the weekend, Chinese Chinese Premier, Wen Jiabao, stated that downward pressure on the economy is still “relatively large” and the government would intensify fine-tuning policies in response to downside risks to growth.
In the Asian session, at GMT0300, the pair is trading at 1.02, with the AUD trading 0.2% lower from Friday’s close, amid concerns that Chinese economy is slowing.
This morning, in China, consumer price index rose 2.2% (YoY) in June, slower than 3.0% rise in May.
The pair is expected to find support at 1.0159, and a fall through could take it to the next support level of 1.0119. The pair is expected to find its first resistance at 1.0260, and a rise through could take it to the next resistance level of 1.0321.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
