AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.17% against the USD to close at 0.9331. The US Dollar advanced against the Aussie, after the minutes from the Fed’s latest policy meeting hinted a pull back in the pace of the central bank’s stimulus measure that might commence in next few months.
LME Copper prices rose 0.5% or $33.0/MT to $6980.0/MT. Aluminium prices edged up 0.1% or $2.0/MT to $1740.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9297, with the AUD trading 0.36% lower from yesterday’s close, as risk-appetite among investors declined after the International Monetary Fund (IMF) suggested that the Reserve Bank of Australia (RBA) should maintain easy policy settings as it sees the Aussie about 10% overvalued. Negative sentiment for the Aussie was also fuelled after a report from China, Australia’s largest trading partner, revealed that the HSBC manufacturing PMI in the nation declined to a level of 50.4 in November, defying market expectations for the reading to remain unchanged at previous month’s level of 50.9.
The pair is expected to find support at 0.9249, and a fall through could take it to the next support level of 0.9202. The pair is expected to find its first resistance at 0.9386, and a rise through could take it to the next resistance level of 0.9476.
Traders now await for the RBA Governor, Glenn Stevens’ speech, with speculation rising that he will echo similar comments as his Assistant, Guy Debelle said earlier in the week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
