AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.46% against the USD to close at 1.0429, after the Reserve Bank of Australia (RBA) unexpectedly kept its benchmark interest rate unchanged at 3.25% at its monetary policy meeting. Additionally, data revealed that house price in Australia continued to climb for the third quarter, marking the first consecutive quarterly increase since 2010.
LME Copper prices rose 0.7% or $57.0/MT to $7660.8/MT. Aluminium prices rose 0.2% or $3.0/MT to $1886.8/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0451, with the AUD trading 0.21% higher from yesterday’s close.
Today morning, Australia’s AiG performance of construction index rose to a reading of 35.8 in October, compared to a reading of 30.9 recorded in September.
The pair is expected to find support at 1.0421, and a fall through could take it to the next support level of 1.0391. The pair is expected to find its first resistance at 1.0471, and a rise through could take it to the next resistance level of 1.0491.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
