AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.61% against the USD to close at 0.9180, after China’s Finance Minister, Lou Jiwei, indicated that the “large-scale fiscal stimulus” measures won’t be used this year in China, re-igniting fears of a slowdown in Australia’s main trading partner.
LME Copper prices declined 1.0% or $68.5/MT to $6855.5/MT. Aluminium prices declined 1.1% or $19.5 /MT to $1753.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9183, with the AUD trading tad higher from yesterday’s close.
The pair is expected to find support at 0.9148, and a fall through could take it to the next support level of 0.9112. The pair is expected to find its first resistance at 0.9208, and a rise through could take it to the next resistance level of 0.9232.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
