AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 1.0399.
LME Copper prices declined 0.6% or $49.0/MT to $7605.3/MT. Aluminium prices declined 0.2% or $3.3/MT to $1897.3/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0420, with the AUD trading 0.20% higher from yesterday’s close.
Today morning, the Reserve Bank of Australia (RBA) revised down its 2013 economic growth outlook to a range of 2.25% to 3.25% compared to a 2.75% to 3.25% growth range predicted earlier, citing reduced investment in the nation’s mining sector and a softer global growth outlook.
Meanwhile, in China, annual consumer price inflation fell to 1.7% in October, giving policymakers scope to further loosen monetary policy if needed to support growth in the nation.
The pair is expected to find support at 1.0384, and a fall through could take it to the next support level of 1.0349. The pair is expected to find its first resistance at 1.0449, and a rise through could take it to the next resistance level of 1.0479.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
