AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.17% against the USD to close at 0.9257, as the latest batch of strong economic releases in the US supported the greenback. Meanwhile, the Australian Dollar lost ground as iron prices slumped yesterday to the lowest level in almost seven weeks, amid rising worries that demand in China may be affected, in case banks tighten requirements for funding imports.
LME Copper prices declined 0.1% or $3.5/MT to $6782.0/MT. Aluminium prices slid 1.3% or $23.0/MT to $1800.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.924, with the AUD trading 0.18% lower from yesterday’s close.
The pair is expected to find support at 0.9204, and a fall through could take it to the next support level of 0.9169. 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 0.9355.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
