AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.19% against the USD to close at 0.8861.
LME Copper prices declined 0.2% or $11.5/MT to $ 7218.5/MT. Aluminium prices declined 0.8% or $14.0/MT to $ 1735.5/MT.
Yesterday, the one-week interbank rates in China hit 9.8%, which is its highest level since June’s liquidity crunch. Furthermore the People’s Bank of China (PBoC) announced that it would inject an unspecified amount of liquidity into the money markets via short-term operation in an attempt to ease financial conditions.
In the Asian session, at GMT0400, the pair is trading at 0.8871, with the AUD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 0.8835, and a fall through could take it to the next support level of 0.8800. The pair is expected to find its first resistance at 0.8898, and a rise through could take it to the next resistance level of 0.8926.
With a relatively light economic calendar in Australia, trading trends for the pair would be determined by the global trends.
The currency pair is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
