AUDUSD Movement
On Friday, the AUD strengthened 0.16% against the USD to close at 0.9195. Late on Friday, the People’s Bank of China announced that it would remove the lower limit on interest rates for banks, in an effort to help lenders attract more borrowers and boost economic activity. The announcement saw the Aussie gain some ground over the weekend.
LME Copper prices rose 0.9% or $64.5/MT to $6920.0/MT. Aluminium prices rose 1.1% or $20.0/MT to $1773.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9216, with the AUD trading 0.23% higher from Friday’s close.
The pair is expected to find support at 0.9172, and a fall through could take it to the next support level of 0.9129. The pair is expected to find its first resistance at 0.9248, and a rise through could take it to the next resistance level of 0.9281.
The currency pair is trading just above its 20 Hr and 50 Hr moving average.
