Aussie Reverses Its Gains In The Asian Session
GCI Financial | Oct 31, 2014 02:13AM ET
For the 24 hours to 23:00 GMT, the AUD strengthened 0.46% against the USD to close at 0.8830, rebounding from its previous session losses.
LME Copper prices declined 1.02% or $70.0/MT to $6785.0/MT. Aluminium prices rose 0.15% or $3.0/MT to $2015.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8827, with the AUD trading marginally lower from yesterday’s close.
Early morning data indicated that Australian private sector credit climbed more than expected 0.5% MoM in September, compared to a similar gain recorded in the prior month. Additionally, the nation’s producer price index advanced 0.2% on a QoQ basis in 3Q 2014, following a drop of 0.1% registered in 2Q 2014.
The pair is expected to find support at 0.877, and a fall through could take it to the next support level of 0.8714. The pair is expected to find its first resistance at 0.8869, and a rise through could take it to the next resistance level of 0.8912.
Meanwhile, market participants look forward to Australia’s AiG performance of manufacturing index, scheduled over the weekend.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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