AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.92% against the USD to close at 0.8822.
LME Copper prices rose 0.5% or $36.5/MT to $ 7345.5/MT. Aluminium prices rose 2.2% or $37.0/MT to $ 1752.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8813, with the AUD trading 0.10% lower from yesterday’s close.
The pair is expected to find support at 0.8783, and a fall through could take it to the next support level of 0.8752. The pair is expected to find its first resistance at 0.8837, and a rise through could take it to the next resistance level of 0.8860.
Trading trends in the pair today are expected to be determined by releases from the US. A slew of important Chinese economic releases next week would be on investors’ radar which would likely determine the Australian Dollar’s trend against the US Dollar in the near term.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
