AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.63% against the USD to close at 0.9057, after the minutes from the Reserve Bank of Australia’s latest policy meeting signalled the possibility for the policy makers to cut the nation’s benchmark interest rate further aimed at reviving the nation’s economy.
LME Copper prices declined 0.3% or $20.0/MT to $ 7265.5/MT. Aluminium prices declined 1.3% or $23.5/MT to $ 1849.0MT.
In the Asian session, at GMT0300, the pair is trading at 0.9032, with the AUD trading 0.28% lower from yesterday’s close. Earlier today, Melbourne Institute reported that Westpac leading index showed flat monthly growth in June, compared to a 0.2% rise in May. Meanwhile, the Conference Board (CB) leading economic index in China, Australia’s biggest trading partner, rose 1.4% to a level of 267.3 in July, following a 0.8% increase in June.
The pair is expected to find support at 0.8999, and a fall through could take it to the next support level of 0.8967. The pair is expected to find its first resistance at 0.9082, and a rise through could take it to the next resistance level of 0.9133.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
