AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.10% against the USD to close at 0.8931.
LME Copper prices declined 0.2% or $13.5/MT to $ 7251.0/MT. Aluminium prices declined 1.2% or $21.0/MT to $ 1718.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8909, with the AUD trading 0.25% lower from yesterday’s close.
This morning, the benchmark money-market rate in China slumped the most since February 2011 after the central bank injected funds through open-market operations for the first time in three weeks, helping alleviate a cash crunch.
The pair is expected to find support at 0.8889, and a fall through could take it to the next support level of 0.8870. The pair is expected to find its first resistance at 0.8944, and a rise through could take it to the next resistance level of 0.8980.
With a void in economic releases from Australia, trading trends in this pair would be determined by news emanating from the US.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
