AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.33% against the USD to close at 1.0619.
Minutes from the most recent Reserve Bank of Australia (RBA) board meeting reveal a greater concern with the global economy and less emphasis on the need for domestic interest rate rises.
In the minutes from its July board meeting, the RBA stated that its monetary policy remains appropriate, giving no indication of the likelihood of a rate cut, nor an increase in the cash rate. The board left the cash rate unchanged at 4.75% in July.
In the Asian session at 3:00GMT, the pair is trading at 1.0624, 0.05% higher from yesterday’s close at 23:00 GMT.
LME Copper prices rose 0.9% or $83.8/MT to $9,689.5/ MT. Aluminium prices declined 0.2% or $5.3/MT to $2,444.3/ MT.
The pair is expected to find first short term resistance at 1.0663, with the next resistance levels at 1.0702 and 1.0792, subsequently. The first support for the pair is seen at 1.0573, followed by next supports at 1.0522 and 1.0432 respectively.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
