Aussie Trading Below Its MA’s
GCI Financial | Jul 25, 2014 03:41AM ET
For the 24 hours to 23:00 GMT, the AUD weakened 0.25% against the USD to close at 0.9416, after the IMF lowered its growth forecast for Australia’s largest trading partner, China, to 7.4% for 2014 from previous estimate of 7.4%, citing a slowdown in domestic demand.
LME Copper prices rose 1.2% or $86.0/MT to $ 7151.0/MT. Aluminium prices rose 0.1% or $2.5/MT to $ 2013.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9404, with the AUD trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 0.9381, and a fall through could take it to the next support level of 0.9359. The pair is expected to find its first resistance at 0.9446, and a rise through could take it to the next resistance level of 0.9489.
With no economic releases from Australia scheduled today, investors would turn their attention to a slew of releases from the nation scheduled next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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