Aussie Extends Its Gains This Morning
GCI Financial | Nov 24, 2014 01:35AM ET
On Friday, the AUD strengthened 0.55% against the USD to close at 0.8665.
In China, Australia’s biggest trading partner, the PBoC surprisingly cut its benchmark interest rates for the first time since July 2012, to help support the nation’s economy.
LME Copper prices rose 1.53% or $102.0/MT to $6790.0/MT. Aluminium prices rose 3.00% or $60.5/MT to $2077.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8686, with the AUD trading 0.25% higher from Friday’s close.
The pair is expected to find support at 0.8620, and a fall through could take it to the next support level of 0.8553. The pair is expected to find its first resistance at 0.8739, and a rise through could take it to the next resistance level of 0.8791.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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