Aussie Reverses Its Gains This Morning
GCI Financial | Feb 26, 2015 01:24AM ET
For the 24 hours to 23:00 GMT, the AUD strengthened 0.71% against the USD to close at 0.7883, on the back of China’s strong HSBC manufacturing data and easing interest rate hike expectations in the US.
LME Copper prices rose 1.57% or $90.0/MT to $5805.0/MT. Aluminium prices declined 0.50% or $9.0/MT to $1783.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7855, with the AUD trading 0.36% lower from yesterday’s close.
Early morning data showed that private capital expenditure in Australia slid more than expected by 2.2% in 4Q 2014, against market expectations of 1.9%. It had risen 0.6% in the preceding quarter.
The pair is expected to find support at 0.7827, and a fall through could take it to the next support level of 0.7798. The pair is expected to find its first resistance at 0.7894, and a rise through could take it to the next resistance level of 0.7932.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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