AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 1.13% against the USD to close at 0.9236. The greenback came under pressure, as disappointing initial jobless claims data in the US prompted traders to shun the safe haven currency.
LME Copper prices declined 2.1% or $149.0/MT to $6927.5/MT. Aluminium prices declined 1.2% or $22.5/MT to $1784.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9270, with the AUD trading 0.37% higher from yesterday’s close.
With not much on the domestic economic calendar ahead in the day, the direction of the Australian Dollar is likely to be determined from external factors.
The pair is expected to find support at 0.9178, and a fall through could take it to the next support level of 0.9087. The pair is expected to find its first resistance at 0.9322, and a rise through could take it to the next resistance level of 0.9375.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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