AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.39% against the USD to close at 0.9384.
LME Copper prices declined 0.6% or $40.5/MT to $7140.5/MT. Aluminium prices eased 0.1% or $1.0/MT to $1753.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9370, with the AUD trading 0.15% lower from yesterday’s close. Earlier today, the Reserve Bank of Australia (RBA), in its financial stability review report, stated that the nation’s financial system remains in a relatively strong position, while issuing a warning to banks that they must not relax lending standards or take unnecessary risks in an environments of record-low interest rates.
The pair is expected to find support at 0.9348, and a fall through could take it to the next support level of 0.9325. The pair is expected to find its first resistance at 0.9407, and a rise through could take it to the next resistance level of 0.9443.
With no major economic news in Australia, during the later course of the day, traders are keeping a track of global economic news for further guidance.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
