AUD/USD: Australian Dollar Rises On Nowotny's Comment On ESM Banking Licence
For the 24 hours to 23:00 GMT, AUD strengthened 0.91% against the USD to close at 1.0310, buoyed by comments about the possibility of a Euro-zone bailout solution.
Investors risk appetite was boosted, after European Central Bank council member, Ewald Nowotny, stated that he saw merits to giving the permanent bailout fund, the European Stability Mechanism (ESM), a banking license.
LME Copper prices rose 0.6% or $45.3/MT to $7441.0/ MT. Aluminium prices rose 0.4% or $7.3/MT to $1847.0/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0322, with the USD trading 0.12% higher from yesterday's close.
The pair is expected to find support at 1.0246, and a fall through could take it to the next support level of 1.0171. The pair is expected to find its first resistance at 1.0367, and a rise through could take it to the next resistance level of 1.0413.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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