AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 1.52% against the USD to close at 0.9495. The greenback gave up gains against the Aussie after the Fed decided to refrain from reducing the size of its monthly stimulus programme.
Meanwhile, the Reserve Bank of Australia (RBA) Assistant Governor, Malcolm Edey, in a conference at Sydney, stated that the central bank is keeping a close watch on house prices, which were growing at an above-average pace. However, he further stated that it is wrong to call the rise in the rate of house price a bubble.
LME Copper prices rose 0.5% or $34.0/MT to $7090.5/MT. Aluminium prices advanced 0.7% or $12.0/MT to $1742.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9493, with the AUD trading tad lower from yesterday’s close. Earlier today, data showed that RBA’s foreign exchange transaction rose to a level of A$482 million in August, following a reading of A$436 million recorded in the previous month.
The pair is expected to find support at 0.9377, and a fall through could take it to the next support level of 0.9262. The pair is expected to find its first resistance at 0.9569, and a rise through could take it to the next resistance level of 0.9646.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
