AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.15% against the USD to close at 0.9233, hurt by soft Australian retail sales and Chinese service PMI data.
Yesterday, the PBOC stated that the domestic price levels in China, Australia’s largest trade partner was more or less steady however growth in the nation continued to be slow. It further urged that the central bank would continue its prudent monetary policy and maintain “moderate” liquidity so as to achieve reasonable growth in loans and social financing.
LME Copper prices declined 1.6% or $107.0/MT to $6606.0/MT. Aluminium prices rose 0.3% or $6.0/MT to $1782.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9236, with the AUD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9212, and a fall through could take it to the next support level of 0.9188. The pair is expected to find its first resistance at 0.9253, and a rise through could take it to the next resistance level of 0.9270.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
