AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, AUD strengthened 0.76% against the USD to close at 1.0221.
Over the weekend, Chinese, Premier, Wen Jiabao, stated efforts to stabilize the economy are working and government is ready for more policy stimulus if needed.
LME Copper prices rose 2.4% or $181.5/MT to $7689.0/ MT. Aluminium prices rose 1.4% or $26.0/MT to $1861.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0216, with the AUD trading 0.05% lower from Friday’s close.
This morning, an analyst at Moody’s Investors Service stated that Australia’s state government credit ratings are under increasing negative pressure and a downward move on some borrowers is likely in coming months.
The pair is expected to find support at 1.0153, and a fall through could take it to the next support level of 1.0090. The pair is expected to find its first resistance at 1.0265, and a rise through could take it to the next resistance level of 1.0314.
The currency pair is showing convergence with its 20 Hr moving average and trading above 50 Hr moving average.
