AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.61% against the USD to close at 0.7805.
In economic news, Australia’s AiG performance of construction index advanced to a level of 45.9 in January, from prior month’s reading of 44.4.
LME Copper prices declined 1.98% or $113.0/MT to $5595.0/MT. Aluminium prices declined 0.72% or $13.5/MT to $1849.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7827, with the AUD trading 0.28% higher from yesterday’s close.
Early this morning, the RBA slashed the nation’s economic growth for 2015 and expected it to expand between 2.25%-3.25%, down from its previous forecast of 2.75%-4.25% expansion. Additionally, the central bank also lowered Australia’s inflation forecast and estimated it between 2-3% in 2015, rather than its earlier projection of 2.25-3.25%. Furthermore, it also predicted that the unemployment rate would rise a little from what it had initially expected.
The pair is expected to find support at 0.7776, and a fall through could take it to the next support level of 0.7724. The pair is expected to find its first resistance at 0.7870, and a rise through could take it to the next resistance level of 0.7913.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
