AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.06% against the USD to close at 1.0495.
Yesterday, the Moody’s ratings agency stated that it might eventually downgrade the credit ratings of some Australian states, because they lack the “political resolve” to slash spending.
LME Copper prices declined 0.3% or $21.0/MT to $ 7385.5/MT. Aluminium prices rose 0.5% or $9.5/MT to $ 1803.3/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0493, with the AUD trading marginally lower from yesterday’s close.
This morning, in Australia, Melbourne Institute of Applied Economic and Social Research reported that the consumer inflation expectation fell by 0.9% points to 2.4% in August from July.
The pair is expected to find support at 1.0460, and a fall through could take it to the next support level of 1.0428. The pair is expected to find its first resistance at 1.0520, and a rise through could take it to the next resistance level of 1.0548.
The currency pair is trading between its 20 Hr and 50 Hr moving average.
