AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD traded flat against the USD to close at 1.0627.
Australia’s four largest banks’ credit ratings were cut one level to Aa2 by Moody’s Investors Service on concern their reliance on wholesale debt markets makes them vulnerable to swings in investor confidence.
In the Asian session at 3:00GMT, the pair is trading at 1.0671, 0.41% higher from the New York session close.
LME Copper prices rose 0.4% or $34.8/MT to $8,896.3/ MT. Aluminium prices declined 0.6% or $14.0/MT to $2,510.5/ MT.
The pair is expected to find first short term resistance at 1.0714, with the next resistance levels at 1.0758 and 1.0877, subsequently. The first support for the pair is seen at 1.0595, followed by next supports at 1.0520 and 1.0401 respectively.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
