Aussie Trading Lower This Morning
GCI Financial | Sep 12, 2014 05:16AM ET
For the 24 hours to 23:00 GMT, the AUD weakened 0.63% against the USD to close at 0.9104.
LME Copper prices declined 0.99% or $ 68.5/MT to $ 6829.0/MT. Aluminium prices declined 0.50% or $ 10.0/MT to $ 2002.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.907, with the AUD trading 0.37% lower from yesterday’s close.
Early this morning, in China, Australia’s biggest trading partner, new Yuan loans climbed to CNY702.5 billion in August, higher than market expectations to advance to a level of CNY700.0 billion, following a reading of CNY385.2 billion in the previous month.
The pair is expected to find support at 0.9020, and a fall through could take it to the next support level of 0.8970. The pair is expected to find its first resistance at 0.9159, and a rise through could take it to the next resistance level of 0.9248.
Going forward, investors would keep a close eye on RBA’s minutes of the latest policy meeting, which will be released in the next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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