AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.28% against the USD to close at 0.9312.
LME Copper prices rose 0.1% or $8.0/MT to $7096.0/MT. Aluminium prices rose 1.3% or $26.5/MT to $2082.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9313, with the AUD trading marginally higher from yesterday’s close.
Earlier this morning, data released indicated that in China, Australia’s biggest trading partner, the Westpac MNI Consumer Sentiment Indicator fell to a level of 113.3 in August from 114.8 in July. Elsewhere, the Australian construction work fell 1.2% in 2Q 2014, on a quarterly basis, more than market expectation for a 0.5% fall and compared to a drop of 0.4% in the previous quarter.
The pair is expected to find support at 0.9289, and a fall through could take it to the next support level of 0.9266. The pair is expected to find its first resistance at 0.9334, and a rise through could take it to the next resistance level of 0.9356.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
