AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 1.34% against the USD to close at 1.0464.
The Reserve Bank of Australia (RBA) Deputy Governor Ric Battellino, this morning, signaled no urgency to lower interest rates.
In the morning, in Australia, the conference board’s Leading Economic Index declined 0.1% (M-o-M) in August, following a flat reading in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0474, with the AUD trading 0.10% higher from yesterday’s close.
LME Copper prices rose 4.5% or $318.3/MT to $7,380.3/ MT. Aluminium prices rose 2.3% or $48.3/MT to $2,158.3/ MT.
The pair is expected to find support at 1.0372, and a fall through could take it to the next support level of 1.0271. The pair is expected to find its first resistance at 1.0538, and a rise through could take it to the next resistance level of 1.0603.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
