AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.14% against the USD and closed at 0.7941.
LME Copper prices rose 1.95% or $136.0/MT to $7098.0/MT. Aluminium prices rose 1.22% or $26.0/MT to $2164.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7958, with the AUD trading 0.21% higher against the USD from yesterday’s close.
Overnight, the Reserve Bank of Australia (RBA) Governor, Philip Lowe warned that any move to lower the corporate tax rate should not increase budget deficits. Additionally, he stated that the RBA aims for further reduction in the unemployment rate and an increase in inflation towards the mid-point of the target range and expects to keep interest rates at record lows for a while yet.
The pair is expected to find support at 0.7911, and a fall through could take it to the next support level of 0.7864. The pair is expected to find its first resistance at 0.7986, and a rise through could take it to the next resistance level of 0.8014.
The currency pair is trading above its 20 Hr and 50 Hr moving average.
