AUDUSD Movement
On Friday, the AUD weakened 0.47% against the USD to close at 0.8967.
LME Copper prices rose 0.4% or $26.5/MT to $7211.5/MT. Aluminium prices advanced 1.0% or $16.5/MT to $1734.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8967, with the AUD trading flat from Friday’s close. The currency is trading under pressure on news of property-lending curbs in China and after iron-ore prices hovered near a week-low.
Earlier today, in the G-20 meeting, People’s Bank of China Governor, Zhou Xiaochuan, indicated that China could sustain an economic growth of between 7% and 8%, following a 7.7% growth in 2013.
The pair is expected to find support at 0.8932, and a fall through could take it to the next support level of 0.8897. The pair is expected to find its first resistance at 0.9007, and a rise through could take it to the next resistance level of 0.9047.
The currency pair is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
