Aussie Trading Lower In The Morning Session
For the 24 hours to 23:00 GMT, the AUD rose 0.59% against the USD and closed at 0.7890.
LME prices declined 0.3% or $17.5/MT to $7123.0/MT. Aluminium prices rose 0.9% or $20.0/MT to $2179.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7881, with the AUD trading 0.11% lower against the USD from yesterday’s close.
The pair is expected to find support at 0.7853, and a fall through could take it to the next support level of 0.7825. The pair is expected to find its first resistance at 0.7907, and a rise through could take it to the next resistance level of 0.7933.
Moving ahead, traders would focus on Australia’s unemployment rate and consumer inflation expectations data, scheduled to release next week.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
Disclaimer: GCI Weekly Highlights is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI Financial Ltd. assumes no responsibility or liability from gains or losses incurred by the information herein contained.