AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.12% against the USD to close at 1.0474.
Yesterday, the Reserve Bank of Australia’s (RBA) Governor, Glenn Stevens, stated that regulators should switch their focus to the implementation of existing financial sector rules and away from adding to the reforms. He warned further that reforms could “overload” the global banking and financial sector, which has regularly complained of drowning in regulation since the global financial crisis period.
LME Copper prices rose 0.4% or $29.0/MT to $7631.0/MT. Aluminium prices declined 0.4% or $8.0/MT to $1890.5/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0464, with the AUD trading 0.10% lower from yesterday’s close, after the Reserve Bank of Australia (RBA) in its Financial Stability Review (FSR) released today, indicated that though the Australian banks are strong, there are risks, both foreign domestic. It further indicated that despite significant improvement in global financial conditions over recent months, bailout of Cyprus serves as a reminder that the recovery in confidence may yet be temporary.
The pair is expected to find support at 1.0444, and a fall through could take it to the next support level of 1.0423. The pair is expected to find its first resistance at 1.0492, and a rise through could take it to the next resistance level of 1.0519.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
