AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, the AUD weakened 0.72% against the USD to close at 1.0166.
LME Copper prices declined 0.3% or $26.5/MT to $8298.0/MT. Aluminium prices declined marginally or $0.3/MT to $2087.3/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0162, with the AUD trading 0.04% lower from Friday’s close.
Today morning, the World Bank lowered its 2012 growth forecast for China to 7.7% from its estimate in May of 8.2%, citing weakening growth in domestic demand and slowing investment. Separately, in China, the HSBC services sector purchasing managers’ index rose to 54.3 in September, from 52.0 in August.
The pair is expected to find support at 1.0118, and a fall through could take it to the next support level of 1.0074. The pair is expected to find its first resistance at 1.0240, and a rise through could take it to the next resistance level of 1.0319.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
