AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.11% against the USD to close at 0.9236, following the Federal Reserve Chairman’s remarks that the tapering of US economic stimulus is not a preset path.
LME Copper prices declined 0.2% or $12.5/MT to $6924.0/MT. Aluminium prices rose 1.1% or $20.0/MT to $1772.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9169, with the AUD trading 0.73% lower from yesterday’s close.
Economic data released this morning showed that the Conference Board leading indicator remained flat in May, following a 0.3% rise in the previous month. Additionally, National Australia Bank’s business confidence index fell to a reading of -1.0 in the second quarter of 2013 from a reading of 2.0 in the previous quarter.
In China, the house price index rose 6.8% in June, following 6.0% rise in the previous month.
The pair is expected to find support at 0.9123, and a fall through could take it to the next support level of 0.9076. The pair is expected to find its first resistance at 0.9255, and a rise through could take it to the next resistance level of 0.9340.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
