Aussie Reverses Its Losses In The Asian Session
GCI Financial | Oct 28, 2014 03:00AM ET
For the 24 hours to 23:00 GMT, the AUD weakened 0.09% against the USD to close at 0.8796.
LME Copper prices rose 0.61% or $ 41.0/MT to $ 6800.5/MT. Aluminium prices rose 0.67% or $ 13.0/MT to $ 1963.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8822, with the AUD trading 0.3% higher from yesterday’s close.
Earlier today, in China, Australia’s biggest trading partner, data indicated that industrial profits rose 0.4% on an annual basis in September, following a drop of 0.6% registered in August.
The pair is expected to find support at 0.8797, and a fall through could take it to the next support level of 0.8773. The pair is expected to find its first resistance at 0.8838, and a rise through could take it to the next resistance level of 0.8855.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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