AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD dropped 0.97% against the USD to close at 0.8969, as investors favoured the safe-haven USD after minutes from the Fed’s latest policy meeting highlighted policy-makers’ willingness to taper stimulus programme later this year.
LME Copper prices declined 0.4% or $29.5/MT to $ 7236.0/MT. Aluminium prices rose 0.2% or $3.5/MT to $ 1852.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8989, with the AUD trading 0.22% higher from yesterday’s close.
In Australia, the Conference Board reported that its leading indicator declined 0.2% in June, from a flat reading seen in the earlier month. Separately, the HSBC manufacturing PMI in China, Australia’s largest trading partner, rose to a level of 50.1 in August, above market expectations for a rise of 48.3 and compared to a level of 47.7 in the previous month.
The pair is expected to find support at 0.8927, and a fall through could take it to the next support level of 0.8864. The pair is expected to find its first resistance at 0.9056, and a rise through could take it to the next resistance level of 0.9122.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
