AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.08% against the USD to close at 1.0470, after the Reserve Bank of Australia (RBA) gave an upbeat assessment of the country’s financial system.
RBA Governor, Glenn Stevens addressed the House of Representatives Standing Committee on Economics on a broad range of issues and indicated that the central bank had no urgent desire to trim the official cash rate.
In the Asian session at 3:00GMT, the Australian Dollar is trading at 1.0474, 0.04% higher from yesterday’s close at 23:00 GMT.
LME Copper prices rose 0.9% or $75.8/MT to $8907.3/ MT. Aluminium prices rose 0.5% or $12.0/MT to $2333.5/ MT.
The pair is expected to find first short term resistance at 1.0511, with the next resistance levels at 1.0548 and 1.0629, subsequently. The first support for the pair is seen at 1.0430, followed by next supports at 1.0386 and 1.0305 respectively.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
