AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.39% against the USD to close at 0.9257.
The Aussie continued to gain support following decision late last week by officials in China, Australia’s biggest trading partner, to scrap a rule that had constrained lending by its banks. The pair gained further yesterday, as the US dollar declined amid disappointing US house prices data.
LME Copper prices rose 0.9% or $60.0/MT to $6980.0/MT. Aluminium prices rose 1.2% or $21.5/MT to $1794.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9271, with the AUD trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 0.9208, and a fall through could take it to the next support level of 0.9144. The pair is expected to find its first resistance at 0.9311, and a rise through could take it to the next resistance level of 0.9350.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
