Aussie Reverses Its Losses In The Asian Session
GCI Financial | Jun 29, 2015 03:06AM ET
On Friday, the AUD weakened 1.07% against the USD to close at 0.7655.
LME Copper prices rose 0.27% or $15.5/MT to $5731.0/MT. Aluminium prices declined 0.18% or $3.0/MT to $1668.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7667, with the AUD trading 0.15% higher from Friday’s close.
Over the weekend, the PBoC trimmed interest rates for the fourth time since November by 25 basis points, citing a sharp slump in Chinese equity markets and continued weakness in the nation’s economy.
The pair is expected to find support at 0.7592, and a fall through could take it to the next support level of 0.7517. The pair is expected to find its first resistance at 0.7736, and a rise through could take it to the next resistance level of 0.7806.
Moving ahead, investors would monitor Australia’s new home sales data, scheduled in the early hours tomorrow.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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