AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.81% against the USD to close at 1.0263.
In China, Song Guoqing, a member of the People’s Bank of China monetary policy committee stated during the weekend that China’s economic expansion might cool for a seventh straight quarter to 7.4% in the three months to September.
LME Copper prices declined 4.9% or $378.3/MT to $7386.5/ MT. Aluminium prices declined 3.1% or $59.0/MT to $1835.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0284, with the USD trading 0.20% higher from yesterday’s close
This morning, in China, HSBC manufacturing Purchasing Manager Index (PMI) rose slightly to 49.5 in July, but remained in contraction.
The pair is expected to find support at 1.0245, and a fall through could take it to the next support level of 1.0206. The pair is expected to find its first resistance at 1.0322, and a rise through could take it to the next resistance level of 1.0360.
Investors await Reserve Bank of Australia (RBA), Governor Glenn Stevens’s speech later today for hints on the RBA’s reading of the domestic economy, and possible future official interest rate positioning.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
