AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.38% against the USD to close at 1.0381.
LME Copper prices declined 2.1% or $161.5/MT to $7603.8/MT. Aluminium prices declined 2.7% or $53.0/MT to $ 1883.8/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0428, with the AUD trading 0.46% higher from yesterday’s close.
This morning, the Reserve Bank of Australia (RBA) decided to retain the cash rate steady at 3.25% against market expectations for a quarter-point reduction. In a statement, the RBA Governor, Glenn Stevens stated that the stance of monetary policy is deemed “appropriate for the time being”, given the higher-than-expected prices data and slightly more positive information on the world economy.
Meanwhile, Australian house prices rose 0.3% in the Q3 FY2012, compared to the upwardly revised 0.6% gain in the Q2 FY2012.
The pair is expected to find support at 1.0366, and a fall through could take it to the next support level of 1.0304. The pair is expected to find its first resistance at 1.0463, and a rise through could take it to the next resistance level of 1.0497.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
