AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.21% against the USD to close at 0.9420, as strong manufacturing PMI data from China, Australia’s largest trading partner, boosted the demand for Aussie. The greenback also came under pressure after two policymakers in the US hinted at their support for Fed’s decision to continue with the size of its monthly asset-purchase programme.
LME Copper prices declined 1.6% or $114.0/MT to $7181.0/MT. Aluminium prices fell 1.0% or $17.0/MT to $1754.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9414, with the AUD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 0.9386, and a fall through could take it to the next support level of 0.9357. The pair is expected to find its first resistance at 0.9451, and a rise through could take it to the next resistance level of 0.9487.
Focus remains on global economic news for further guidance in the pair, amid absence of economic releases in Australia.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
