AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD edged up marginally against the USD to close at 0.9090, after the annual gross domestic product growth from China, Australia’s largest trading partner, for the second quarter of 2013, matched market expectations, easing worries that the world’s second-largest economy is slowing faster than expected.
LME Copper prices declined 0.5% or $31.5/MT to $6891.5/MT. Aluminium prices declined 1.6% or $29.0/MT to $1761.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9155, with the AUD trading 0.72% higher from yesterday’s close.
The minutes of the Reserve Bank of Australia’s (RBA) July2 meeting showed that policymakers saw further scope for rate cuts but took a wait and watch stance to see the impact from earlier easing moves.
The pair is expected to find support at 0.9069, and a fall through could take it to the next support level of 0.8982. The pair is expected to find its first resistance at 0.9208, and a rise through could take it to the next resistance level of 0.9260.
The currency pair is trading well above its 20 Hr and 50 Hr moving averages.
