AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.10% against the USD to close at 1.0563, ahead of the RBA meeting to be held later today.
In the Asian session at 3:00GMT, the Australian Dollar is trading at 1.0522, 0.39% lower from yesterday’s close at 23:00 GMT.
LME Copper prices declined 1.3% or $115.5/MT to $8934.8/ MT. Aluminium prices declined 1.5% or $36.3/MT to $2363.3/ MT.
The pair is expected to find first short term resistance at 1.0588, with the next resistance levels at 1.0655 and 1.0769, subsequently. The first support for the pair is seen at 1.0474, followed by next supports at 1.0427 and 1.0313 respectively.
With a series of Australia economic releases today, including Gross Domestic Product (GDP) and AIG Construction Index, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
