AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.46% against the USD to close at 0.9425, benefiting from an upbeat Chinese manufacturing PMI data.
LME Copper prices jumped 1.8% or $123.5/MT to $6901.0/MT. Aluminium prices rose 0.7% or $12.0/MT to $1857.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9426, with the AUD trading a tad higher from yesterday’s close.
Earlier today, a RBA Board member, John Edwards, expressed confidence in Australian economy to withstand a slump in its mining sector, as he feels the economy would benefit from the low interest rates infrastructure spending in other sectors. Furthermore, he opined that a weaker Aussie could help the nation in achieving 3.0% GDP growth, instead of an earlier target of 2.0% growth, over the next five to six years.
The pair is expected to find support at 0.9407, and a fall through could take it to the next support level of 0.9388. The pair is expected to find its first resistance at 0.9446, and a rise through could take it to the next resistance level of 0.9466.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
