Aussie Extends Its Gains In The Morning Trading Hours
GCI Financial | Jun 19, 2014 02:47AM ET
For the 24 hours to 23:00 GMT, the AUD strengthened 0.62% against the USD to close at 0.9398.
LME Copper prices rose 0.4% or $28.0/MT to $6739.0/MT. Aluminium prices advanced 1.1% or $20.0/MT to $1828.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9400, with the AUD trading marginally higher from yesterday’s close.
Earlier today, the RBA, in its quarterly bulletin, opined that the increase in foreign demand for Australian housing might have led to price increases for dwelling in the economy. The bulletin also noted that pessimism over future income gains was a key factor in the rise of household savings.
In other economic news, the RBA foreign exchange transaction stood at A$489.0 million in May, compared to a level of A$325.0 million in the previous month.
The pair is expected to find support at 0.9342, and a fall through could take it to the next support level of 0.9284. The pair is expected to find its first resistance at 0.9436, and a rise through could take it to the next resistance level of 0.9472.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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