AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.14% against the USD to close at 1.0594, after the Reserve Bank of Australia stated in minutes of June’s meeting that it was “prudent” to keep interest rates unchanged amid concern Europe’s debt crisis would worsen. RBA Governor, Glenn Stevens has paused at 4.75% after seven increases in the overnight cash rate target from October 2009 to November.
In the Asian session at 3:00GMT, the pair is trading at 1.0551, 0.41% lower from yesterday’s close at 23:00 GMT.
LME Copper prices declined 1.8% or $166.5/MT to $8,934.8/ MT. Aluminium prices declined 1.1% or $28.0/MT to $2,490.5/ MT.
The pair is expected to find first short term resistance at 1.0613, with the next resistance levels at 1.0675 and 1.0795, subsequently. The first support for the pair is seen at 1.0493, followed by next supports at 1.0435 and 1.0315 respectively.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
