AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.91% against the USD to close at 0.9195, following downbeat Chinese PMI manufacturing data and after the Federal Reserve Chairman, Ben Bernanke hinted at ending the central bank’s quantitative easing measures by mid 2014.
The commodity linked currency also traded lower, tracking lower metal prices.
Sentiment toward the Aussie Dollar was further dented after HSBC stated that it sees the Australian currency falling to 88 cents against its US counterpart by June 2014.
LME Copper prices declined 2.4% or $164.50/MT to $6808.0/MT. Aluminium prices declined 2.5% or $44.0/MT to $1748.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9226, with the AUD trading 0.34% higher from yesterday’s close.
The pair is expected to find support at 0.9168, and a fall through could take it to the next support level of 0.9110. The pair is expected to find its first resistance at 0.9278, and a rise through could take it to the next resistance level of 0.9330.
The currency pair is trading above its 20 Hr moving average and is trading below its 50 Hr moving average.
