AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.18% against the USD and closed at 0.6806.
LME Copper prices rose 0.3% or $16.0/MT to $5828.0/MT. Aluminium prices rose 0.2% or $3.0/MT to $1744.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6796, with the AUD trading 0.15% lower against the USD from yesterday’s close, following dovish minutes released by the Reserve Bank of Australia (RBA).
The RBA, in its monetary policy meeting minutes, decided to further lower interest rates in the upcoming meeting, to boost economic growth, employment levels and meet its inflation target. Further, the minutes revealed that the members remained concerned about sluggish economic developments despite previous rate cuts. Additionally, the central bank reiterated that “an extended period of low interest rates” is needed for the unemployment rate to fall to the target level of 4.5% and inflation to strengthen.
The pair is expected to find support at 0.6780, and a fall through could take it to the next support level of 0.6764. The pair is expected to find its first resistance at 0.6817, and a rise through could take it to the next resistance level of 0.6838.
Trading trend in the Aussie today, is expected to be determined by Australia’s Westpac leading index for October, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
