AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.22% against the USD to close at 0.8925 as strong US GDP data revived speculation that the Fed might taper its stimulus measures sooner-than-expected.
LME Copper prices declined 0.4% or $25.5/MT to $ 7210.5/MT. Aluminium prices fell 1.6% or $28.5/MT to $ 1798.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8950, with the AUD trading 0.28% higher from yesterday’s close. Earlier today, the Reserve Bank of Australia reported that its private sector credit rose 0.4% (MoM) in July, above market expectation for a rise of 0.3%.
The pair is expected to find support at 0.8908, and a fall through could take it to the next support level of 0.8865. The pair is expected to find its first resistance at 0.8987, and a rise through could take it to the next resistance level of 0.9023.
Amid lack of economic releases in Australia, investors are expected to take cues from global economic news for further direction.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
