AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.42% against the USD to close at 0.9230 as the demand for the Aussie received a boost from upbeat inflation and trade data from its largest trading parent, China. Traders also embraced victory by conservative leader, Tony Abbott in the race to become Australia’s next Prime Minister.
LME Copper prices rose 0.3% or $21.0/MT to $7191.5/MT. Aluminium prices declined 0.8% or $13.5/MT to $1767.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9269, with the AUD trading 0.42% higher from yesterday’s close. Earlier today, a report depicted that National Australia Bank’s business confidence rose to a reading of 6.0 in August, following a negative reading of 3.0 seen in the previous month.
The pair is expected to find support at 0.9214, and a fall through could take it to the next support level of 0.9159. The pair is expected to find its first resistance at 0.9297, and a rise through could take it to the next resistance level of 0.9325.
Investors are expected to keep a close watch on the release of industrial production and retail sales data from China, due later today, for further guidance.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
