AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD jumped 1.13% against the USD to close at 0.9107, after Chinese economic data showed rebound in exports and imports for July. The Aussie traded lower initially, after Australian economic data showed that employed people fell more-than-expected in July.
LME Copper prices rose 3.3% or $229.5/MT to $7121.5/MT. Aluminium prices rose 2.9% or $51.0/MT to $1782.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9107, with the AUD trading steady from yesterday’s close.
Today morning, the Reserve Bank of Australia (RBA) trimmed its calendar 2013 forecast for economic growth to 2.25% from a forecast in May of 2.5%, anticipating a decline in mining investment going forward.
Economic data out today showed that annual consumer price inflation in China rose to 2.7% in July, less than expected rise to 2.8%.
The pair is expected to find support at 0.9033, and a fall through could take it to the next support level of 0.8959. The pair is expected to find its first resistance at 0.9159, and a rise through could take it to the next resistance level of 0.9211.
The currency pair is showing convergence with its 20 Hr and is trading above its 50 Hr moving average.
