AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 1.10% against the USD to close at 0.9243.
LME Copper prices rose 2.5% or $166.5/MT to $6917.0/MT. Aluminium prices rose 1.3% or $23.0/MT to $1754.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9222, with the AUD trading 0.23% lower from yesterday’s close.
In a widely anticipated move, the Reserve Bank of Australia left its key overnight cash rate unchanged at 2.75%. The Governor of the RBA, Glenn Stevens stated that the current monetary policy remains accommodative for the time being and there is further scope for rate cuts if required.
The pair is expected to find support at 0.9166, and a fall through could take it to the next support level of 0.9109. The pair is expected to find its first resistance at 0.9267, and a rise through could take it to the next resistance level of 0.9311.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
