Aussie Extends Its Profit This Morning
GCI Financial | Jul 08, 2014 02:48AM ET
For the 24 hours to 23:00 GMT, the AUD strengthened 0.16% against the USD to close at 0.9373.
LME Copper prices declined 0.5% or $38.5/MT to $ 7120.5/MT. Aluminium prices rose 0.1% or $1.0/MT to $1894.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9388, with the AUD trading 0.16% higher from yesterday’s close, after the business confidence in Australia unexpectedly improved to a level of 8.0 in June, compared to a reading of 7.0 recorded in the previous month. Meanwhile, business conditions in Australia stood at 2.0 in June, compared to -1.0 reported in the previous month.
The pair is expected to find support at 0.9359, and a fall through could take it to the next support level of 0.9330. The pair is expected to find its first resistance at 0.9407, and a rise through could take it to the next resistance level of 0.9426.
Trading trends in the pair today are expected to be determined by the speech of RBA Head of Payments Policy, Mark Manning, slated later during the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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