AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.89% against the USD to close at 1.0432.
The Chinese Premier, Wen Jiabao, stated that the nation’s economy “was showing signs of stabilizing” and would likely to meet the 7.5% growth target the government set for 2012.
LME Copper prices rose 0.6% or $48.0/MT to $8079.8/MT. Aluminium prices rose 1.2% or $25.3/MT to $2057.0/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0476, with the AUD trading 0.42% higher from yesterday’s close.
This morning, in Australia, the Westpac/Melbourne consumer sentiment index rose to 98.2 in September, from 96.6 in August.
The pair is expected to find support at 1.0374, and a fall through could take it to the next support level of 1.0273. The pair is expected to find its first resistance at 1.0527, and a rise through could take it to the next resistance level of 1.0579.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
