AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.14% against the USD to close at 0.9318.
LME Copper prices declined 0.6% or $39.0/MT to $6886.5/MT. Aluminium prices declined 1.0% or $21.0/MT to $2005.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9321, with the AUD trading tad higher from yesterday’s close.
The pair is expected to find support at 0.9296, and a fall through could take it to the next support level of 0.9272. The pair is expected to find its first resistance at 0.9337, and a rise through could take it to the next resistance level of 0.9354.
Amid a lack of economic releases from Australia today, investors would keenly await Tuesday’s minutes of the RBA’s last policy meeting on 5th August, where it left the cash rate at its record low level of 2.5%.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
