AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.18% against the USD to close at 1.0316.
LME Copper prices declined 1.5% or $123.0/MT to $8075.5/MT. Aluminium prices declined 1.7% or $37.0/MT to $2086.0/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0330, with the AUD trading 0.14% higher from yesterday’s close, as the minutes of Reserve Bank of Australia’s latest meeting revealed that strong demand for commodities across Asia and improved global economic developments have contributed to a pickup in domestic economic activity. The minutes also indicated that policy makers believed that lower interest rates have started to boost certain parts of the economy. It further stated that the central bank would wait to loosen its monetary policy further, if needed, as inflation outlook remains contained.
The pair is expected to find support at 1.0295, and a fall through could take it to the next support level of 1.0260. The pair is expected to find its first resistance at 1.0349, and a rise through could take it to the next resistance level of 1.0388.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
