Aussie Trading Lower This Morning
GCI Financial | Nov 28, 2014 01:00AM ET
For the 24 hours to 23:00 GMT, the AUD weakened 0.12% against the USD to close at 0.8527, reversing its previous session gains.
LME Copper prices declined 0.41% or $27.5/MT to $6621.5/MT. Aluminium prices remained flat or $0.0/MT to $2099.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8495, with the AUD trading 0.37% lower from yesterday’s close.
Earlier today, data from Australia showed that the nation’s private sector credit recorded a rise of 0.6% on a monthly basis in October, more than market expectations for an advance of 0.5% and compared to a similar gain registered in the preceding month.
The pair is expected to find support at 0.8453, and a fall through could take it to the next support level of 0.8411. The pair is expected to find its first resistance at 0.8577, and a rise through could take it to the next resistance level of 0.8659.
Going forward, investors would pay attention to Australia’s AiG performance of manufacturing index data, scheduled in the early hours on Monday.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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