AUD/USD: AUD trading higher on China’s easing measure

AUD USD

AUDUSD Movement

On Friday, for the 24 hours to 23:00 GMT, AUD weakened 0.35% against the USD to close at 1.0714.

In the Asian session, at GMT0400, the pair is trading at 1.0781, with the AUD trading 0.62% higher from Friday’s close, after China’s central bank cut the reserve requirement on Chinese banks.

LME Copper prices rose 2.0% or $160.5/MT to $ 8369.8 / MT. Aluminium prices rose 0.5% or $10.5/MT to $ 2127.3 / MT.

The pair is expected to find support at 1.0707, and a fall through could take it to the next support level of 1.0634. The pair is expected to find its first resistance at 1.0835, and a rise through could take it to the next resistance level of 1.0889.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

This entry was posted in AUD/USD. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>