AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.25% against the USD and closed at 0.7500.
LME Copper prices marginally rose or $2.0/MT to $5662.5/MT. Aluminium prices rose 0.93% or $18.0/MT to $1944.0/MT.
Meanwhile, ratings agency, Moody’s downgraded China’s long-term credit rating to A1 from Aa3 due to its rising debt levels and possible slowdown in the economy, renewing concerns about the economic strength of Australia’s largest trading partner.
In the Asian session, at GMT0300, the pair is trading at 0.7514, with the AUD trading 0.19% higher against the USD from yesterday’s close.
The pair is expected to find support at 0.7466, and a fall through could take it to the next support level of 0.7418. The pair is expected to find its first resistance at 0.7539, and a rise through could take it to the next resistance level of 0.7564.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
