AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.56% against the USD to close at 0.9017, as upbeat manufacturing PMI data from China, Germany, Euro-zone and the US boosted investors risk appetite.
LME Copper prices rose 1.4% or $104.5/MT to $7340.5/MT. Aluminium prices rose 0.3% or $5.0/MT to $1857.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9023, with the AUD trading slightly higher from yesterday’s close.
An official report revealed that the year to date foreign direct investment in China, Australia’s largest trading partner, rose 7.1% (YoY) in July, following a 4.9% increase recorded in the earlier month.
The pair is expected to find support at 0.8980, and a fall through could take it to the next support level of 0.8938. The pair is expected to find its first resistance at 0.9055, and a rise through could take it to the next resistance level of 0.9088.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
