Aussie Reverses Its Gains This Morning
GCI Financial | Sep 17, 2014 02:20AM ET
For the 24 hours to 23:00 GMT, the AUD strengthened 0.56% against the USD to close at 0.9080, following the People’s Bank of China’s decision to introduce quantitative easing measures in China, Australia’s biggest trading partner.
LME Copper prices rose 0.66% or $45.5/MT to $6895.5/MT. Aluminium prices rose 0.56% or $11.0/MT to $1969.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9066, with the AUD trading 0.15% lower from yesterday’s close.
Early morning data indicated that, the Westpac Leading Index in Australia slid 0.1%, on a monthly basis, in August, compared to a similar drop registered in the previous month.
Elsewhere, in China, the MNI business sentiment index registered a reading of 52.2 in September, down from previous month’s 57.3.
The pair is expected to find support at 0.8999, and a fall through could take it to the next support level of 0.8931. The pair is expected to find its first resistance at 0.9124, and a rise through could take it to the next resistance level of 0.9181.
Going forward, investors look ahead to the RBA’s bulletin, scheduled tomorrow in the early hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
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