AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.15% against the USD and closed at 0.7563.
LME Copper prices declined 4.75% or $280.0/MT to $5620.0/MT. Aluminium prices declined 0.68% or $12.0/MT to $1765.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7559, with the AUD trading marginally lower against the USD from yesterday’s close.
Minutes of the Reserve Bank of Australia’s (RBA) November meeting, reflected an upbeat tone of Australia’s inflation rate. However, the central bank noted that considerable uncertainty remained about the strength of labour market conditions as employment growth has been concentrated in part-time jobs.
The pair is expected to find support at 0.7526, and a fall through could take it to the next support level of 0.7493. The pair is expected to find its first resistance at 0.7586, and a rise through could take it to the next resistance level of 0.7613.
Going ahead, market participants would closely monitor a speech by RBA Governor, Philip Lowe, due in some time.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
