AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.34% against the USD to close at 0.9353.
LME Copper prices rose 0.1% or $6.5/MT to $7056.5/MT. Aluminium prices declined 0.3% or $4.5/MT to $1730.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9346, with the AUD trading 0.07% lower from yesterday’s close, after a leading brokerage house lowered its forecast on China’s 2014 GDP growth to 7.4% from 7.8%.
Earlier today, data showed that the CB leading indicator in Australia rose 0.3% in July, following a 1.1% drop registered in the previous month. Meanwhile, the Westpac leading index edged up 0.6% (MoM) during July, compared to a 0.0% rise seen in the earlier month.
The pair is expected to find support at 0.9302, and a fall through could take it to the next support level of 0.9258. The pair is expected to find its first resistance at 0.9379, and a rise through could take it to the next resistance level of 0.9412.
With no other domestic data scheduled for release in Australia, investors eye the Fed’s decision on its asset-purchase programme, due later today, for clarity on risk appetite among market participants.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
