Aussie Reverses Its Gains In The Asian Session
GCI Financial | Apr 23, 2015 02:29AM ET
For the 24 hours to 23:00 GMT, the AUD strengthened 0.39% against the USD to close at 0.7746.
LME Copper prices declined 0.80% or $48.0/MT to $5927.0/MT. Aluminium prices declined 0.49% or $9.0/MT to $1817.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7731, with the AUD trading 0.2% lower from yesterday’s close.
Earlier today, the National Australia Bank (NAB) reported that the business confidence index in Australia dropped to 0.00 in 1Q 2015, compared to a level of 2.00 in the prior quarter.
Elsewhere, in China, Australia’s biggest trading partner, the preliminary HSBC/Markit manufacturing PMI index unexpectedly dropped to 12-month low of 49.2 in April and remained in contraction territory, compared to market expectations to remain unchanged at previous month’s reading of 49.6.
The pair is expected to find support at 0.7697, and a fall through could take it to the next support level of 0.7662. The pair is expected to find its first resistance at 0.7787, and a rise through could take it to the next resistance level of 0.7843.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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