Aussie Dollar Impeded By Copper And Swine Flu

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Aussie Dollar Impeded By Copper And Swine Flu

By Greg Michalowski on April 29, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

After a well sustained 10 big figure appreciation for the AUD/USD pair from the beginning of March, the pair has faltered here at the end of April on declining copper prices and the risk averse trade toward USD and JPY on the Swine Flu epidemic.

With copper prices at their recent highs on April 15 (~$224.65) the AUD/USD pair tested it recent highs and the 200 day moving average. Since then the price of copper has retraced its gains by 61.8% from the March 18th lows (~$169.63) to the aforementioned April highs, while on the 4-hour chart the AUD/USD pair tested the 4-200hr moving average and the 23.6% retracement on the daily chart. With the Swine Flu being very carefully watched worldwide and the price of copper hitting technical support levels, along with the Aussie, the pair could be poised to make another run at the 200 day moving average and perhaps a break this time around.

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