Aussie Trading On A Stronger Footing This Morning
GCI Financial | Oct 29, 2014 01:52AM ET
For the 24 hours to 23:00 GMT, the AUD strengthened 0.65% against the USD to close at 0.8853.
LME Copper prices rose 0.87% or $59.0/MT to $6859.5/MT. Aluminium prices rose 1.38% or $27.0/MT to $1990.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8864, with the AUD trading 0.12% higher from yesterday’s close.
Early morning data indicated that in China, Australia’s biggest trading partner, the Westpac consumer sentiment index dropped to a level of 110.9 in October, after registering a reading of 113.2 in the preceding month. Additionally, China’s leading index too dropped to a reading of 99.65 in September, from a reading of 100.09 recorded in the previous month.
The pair is expected to find support at 0.8821, and a fall through could take it to the next support level of 0.8779. The pair is expected to find its first resistance at 0.8895, and a rise through could take it to the next resistance level of 0.8927.
Amid no economic releases from Australia today, investors look ahead to the nation’s HIA new home sales data, scheduled overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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