AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD marginally weakened against the USD to close at 0.9319. The greenback gained ground against the Australian Dollar, as uncertainty over Fed’s pace of stimulus measure, boosted the demand for the safe-haven, US Dollar.
LME Copper prices rose 0.3% or $21.5/MT to $7050.0/MT. Aluminium prices declined 0.7% or $12.5/MT to $1734.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9311, with the AUD trading 0.09% lower from yesterday’s close. Earlier today, minutes from the Reserve Bank of Australia’s (RBA) policy meeting on September 3, 2013, highlighted the central bank’s concerns surrounding the health of the domestic and global economy, and indicated that the bank would adopt a wait-and-see approach to determine future interest rate policy.
Meanwhile, an official report from China, Australia’s largest trading partner, showed that, on a year to date basis, foreign direct investment in the nation rose 6.4% (YoY) in August, compared to a 7.1% rise registered in the previous month. In a separate report, the Conference Board’s leading economic index in China rose at a slower pace in August.
The pair is expected to find support at 0.9267, and a fall through could take it to the next support level of 0.9223. The pair is expected to find its first resistance at 0.9372, and a rise through could take it to the next resistance level of 0.9433.
With no major economic releases in Australia, during the later course of the day, investors are eyeing global economic news for further cues.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
