AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD traded flat against the USD to close at 1.0116.
In Australia, Treasury Secretary, Martin Parkinson, stated that the country has scope to respond to an economic shock from Euro-zone, adding that region’s crisis is unlikely to be resolved for some considerable time to come.
LME Copper prices declined 0.6% or $45.3/MT to $7475.3/ MT. Aluminium prices declined 1.7% or $32.5/MT to $1881.8/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0135, with the AUD trading 0.18% higher from yesterday’s close.
This morning, Reserve Bank of Australia (RBA), in its minutes, stated that the central bank’s decision to cut the cash rate in June was “finely balanced”, but necessary as the global economic backdrop had deteriorated significantly in prior weeks.
The pair is expected to find support at 1.0081, and a fall through could take it to the next support level of 1.0026. The pair is expected to find its first resistance at 1.0166, and a rise through could take it to the next resistance level of 1.0196.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
