AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.98% against the USD to close at 0.7248.
LME Copper prices declined 0.58% or $27.0 /MT to $4640.0 /MT. Aluminium prices declined 1.60% or $24.0 /MT to $1476.0 /MT.
In the Asian session, at GMT0400, the pair is trading at 0.726, with the AUD trading 0.17% higher from yesterday’s close.
Early this morning, minutes of the RBA’s recent meeting indicated that the Australian dollar is adjusting to the recent decline in commodity prices and that the nation’s production growth will continue to strengthen over the next two years. The minutes also revealed that there is further scope for easing measures, if the need arises.
In other economic news, Australia’s house price index advanced as expected by 2.0% QoQ in 3Q 2015, compared to a rise of 4.7% in the previous quarter.
The pair is expected to find support at 0.7199, and a fall through could take it to the next support level of 0.7139. The pair is expected to find its first resistance at 0.7303, and a rise through could take it to the next resistance level of 0.7346.
Going ahead, investors will look forward to Australia’s Westpac leading index data for November, scheduled to be released overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
