AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.31% against the USD to close at 0.8952, as traders continue to bet that Reserve Bank of Australia (RBA) would cut interest rates, thus curbing demand for the Aussie.
LME Copper prices rose 0.8% or $53.0/MT to $6805.0/MT. Aluminium prices declined 0.5% or $9.5/MT to $1732.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8957, with the AUD trading slightly higher from yesterday’s close.
This morning, the Australian Bureau of Statistics reported that import and export price indices dropped in the second quarter of 2013.
In China, the NBS manufacturing purchasing managers’ index rose to a reading of 50.3 in July from a reading of 50.1 in June. Meanwhile, the HSBC PMI dropped in July, in line with market expectations.
The pair is expected to find support at 0.8905, and a fall through could take it to the next support level of 0.8853. The pair is expected to find its first resistance at 0.9029, and a rise through could take it to the next resistance level of 0.9101.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
