AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.25% against the USD to close at 1.0183.
Yesterday, the Chinese Premier, Wen Jiabao, stated that the stabilising growth was a “top priority” and authorities would encourage more investment in China.
LME Copper prices rose 0.5% or $35.3/MT to $7555.5/ MT. Aluminium prices rose 0.7% or $13.3/MT to $1889.5/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0206, with the AUD trading 0.23% higher from yesterday’s close, after consumer confidence rose in Australia.
This morning, in Australia, Westpac consumer confidence index rose to a reading of 99.1 in July, compared to a reading of 95.6 in June. Separately, home loans fell 1.2% May in May, compared to a 0.8% rise in April, while investment lending fell 4.6% in May.
The pair is expected to find support at 1.0163, and a fall through could take it to the next support level of 1.0120. The pair is expected to find its first resistance at 1.0247, and a rise through could take it to the next resistance level of 1.0288.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
