AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.32% against the USD to close at 1.0441, after the Reserve Bank of Australia (RBA) hinted that it could cut rates if there was a “significant deterioration” in its outlook for growth.
LME Copper prices declined 0.8% or $69.3/MT to $8223.5/MT. Aluminium prices declined 0.4% or $9.3/MT to $2152.5/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0426, with the AUD trading 0.14% lower from yesterday’s close.
This morning, in Australia, the Westpac-Melbourne institute leading index rose 1.0 point or 0.4% (MoM) in July to 284.0, compared to 0.5% rise in June.
Meanwhile, the Reserve Bank of Australia (RBA) Assistant Governor, Chris Kent, stated that the strong growth in Asia would continue to provide significant benefits for the Australian economy, citing rising export volumes would help offset a likely peak in both the price of industrial commodities, and in mining investment.
The pair is expected to find support at 1.0395, and a fall through could take it to the next support level of 1.0364. The pair is expected to find its first resistance at 1.0472, and a rise through could take it to the next resistance level of 1.0518.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
