AUDUSD Movement
On Friday, the AUD weakened 0.57% against the USD to close at 0.8708, after the Reserve Bank of Australia (RBA) Board Member, Heather Ridout stated that the Australian Dollar needs to fall even further to protect the economy from a mining slowdown.
LME Copper prices declined 0.6% or $45.0/MT to $ 7240.0/MT. Aluminium prices declined 0.3% or $5.5/MT to $ 1726.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8722, with the AUD trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 0.8666, and a fall through could take it to the next support level of 0.8610. The pair is expected to find its first resistance at 0.8772, and a rise through could take it to the next resistance level of 0.8822.
Trading trends in the pair this week are expected to be determined by economic releases mainly the CB leading indicator, National Australia Bank’s business indicators, Westpac leading index and HIA new home sales to name a few.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
