AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, AUD weakened 0.96% against the USD to close at 1.0416, after the Australian Treasury stated that Reserve Bank of Australia (RBA) would be able to ease monetary policy if the currency’s gains are hurting the economy.
LME Copper prices rose 1.5% or $110.3/MT to $7495.8/MT. Aluminium prices rose 0.9% or $17.0/MT to $1810.3/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0438, with the AUD trading 0.21% higher from Friday’s close.
The pair is expected to find support at 1.0395, and a fall through could take it to the next support level of 1.0353. The pair is expected to find its first resistance at 1.0496, and a rise through could take it to the next resistance level of 1.0555.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
