AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.30% against the USD to close at 1.0335.
The Aussie had declined earlier after the country’s government stated that it would reduce spending to help produce a budget surplus this fiscal year, thereby raising speculation for a possible rate cut by the Reserve Bank of Australia next month.
LME Copper prices declined 1.7% or $137.3/MT to $7983.3/MT. Aluminium prices declined 2.2% or $44.0/MT to $1932.3/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0315, with the AUD trading 0.19% lower from yesterday’s close.
This morning, the Conference Board leading economic index for Australia declined 0.8% (MoM) in August to 123.9, following a flat change in July.
The pair is expected to find support at 1.0295, and a fall through could take it to the next support level of 1.0274. The pair is expected to find its first resistance at 1.0338, and a rise through could take it to the next resistance level of 1.0360.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
