AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.95% against the USD to close at 0.9347. The Aussie continued to trade lower and extended its previous day’s losses triggered by comments from the Reserve Bank Governor, Glenn Stevens about the currency being too high.
LME Copper prices rose 1.0% or $71.0/MT to $ 7121.0/MT. Aluminium prices rose 1.5% or $28.0/MT to $ 1890.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9357, with the AUD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 0.9329, and a fall through could take it to the next support level of 0.93. The pair is expected to find its first resistance at 0.9386, and a rise through could take it to the next resistance level of 0.9414.
Market participants are expected to keenly await the upcoming speech of RBA Assistant Governor, Malcolm Edey, to commence later in the day.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
