AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.14% against the USD to close at 0.9007.
LME Copper prices declined 0.5% or $35.0/MT to $7185.0/MT. Aluminium prices fell 0.5% or $9.0/MT to $1717.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8991, with the AUD trading 0.18% lower from yesterday’s close, as prices for iron ore, its biggest export, came under pressure recently and amid worries over iron ore supply glut at Chinese ports.
The pair is expected to find support at 0.8943, and a fall through could take it to the next support level of 0.8894. The pair is expected to find its first resistance at 0.9032, and a rise through could take it to the next resistance level of 0.9072.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
