AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.80% against the USD to close at 0.9443, amid speculation that the US Federal Reserve won’t start trimming stimulus this year, after Fed Chairman, Ben Bernanke’s dovish speech.
LME Copper prices declined 0.8% or $52.5/MT to $6947.0/MT. Aluminium prices rose marginally by $0.5/MT to $1738.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9414, with the AUD trading 0.31% lower from yesterday’s close. Meanwhile, the Reserve Bank of Australia (RBA) Assistant Governor, Guy Debelle, reiterated RBA’s earlier stance that the Aussie still remains at an “uncomfortably high” level. He continued the central bank’s approach of talking down the Australian Dollar, saying that an early Fed taper would be good news for the economy as it would help weaken the Aussie.
On the economic front, the Melbourne Institute reported that its Westpac leading index edged up 0.1% (MoM) in September, following a 0.1% (MoM) drop registered in the previous month.
The pair is expected to find support at 0.9375, and a fall through could take it to the next support level of 0.9336. The pair is expected to find its first resistance at 0.9451, and a rise through could take it to the next resistance level of 0.9488.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
