AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.3% against the USD and closed at 0.7848.
LME Copper prices rose 3.0% or $205.0/MT to $7063.0/MT. Aluminium prices rose 0.2% or $4.0/MT to $2144.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7851, with the AUD trading slightly higher against the USD from yesterday’s close.
According to minutes of the Reserve Bank of Australia’s (RBA) October meeting, policymakers held the view that any change in monetary policy would be dependent on domestic economic conditions and not on moves by central banks elsewhere. The central bank reiterated that low interest rates would continue in order to support the Australian economy. Moreover, officials noted that household debt levels remain elevated and need careful monitoring.
The pair is expected to find support at 0.7828, and a fall through could take it to the next support level of 0.7804. The pair is expected to find its first resistance at 0.7882, and a rise through could take it to the next resistance level of 0.7912.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
