AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.87% against the USD to close at 0.8798.
Yesterday, the RBA Governor, Glenn Stevens, expressed concerns over the housing market in Australia and reiterated that the central bank would go for necessary steps to tighten bank lending standards in the nation.
LME Copper prices rose 0.24% or $16.0/MT to $6766.0/MT. Aluminium prices rose 0.23% or $4.5/MT to $1927.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.878, with the AUD trading 0.2% lower from yesterday’s close.
In China, Australia’s biggest trading partner, the leading index rose 0.7%, on a monthly basis, in August, following a revised gain of 1.2% in July.
The pair is expected to find support at 0.8748, and a fall through could take it to the next support level of 0.8716. The pair is expected to find its first resistance at 0.8836, and a rise through could take it to the next resistance level of 0.8892.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
