AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.63% against the USD to close at 0.9366.
LME Copper prices edged up marginally by $2.5/MT to $6898.5/MT. Aluminium prices rose 0.1% or $1.5/MT to $1858.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9361, with the AUD trading slightly lower from yesterday’s close.
Earlier today, the Australian Bureau of Resource and Energy Economics (BREE) slashed its price forecast for iron ore and metallurgical coal, citing growing competition in China’s steel market, a move that raised concerns for mining companies, which are already struggling with shrinking profit margins due to a strong AUD.
The pair is expected to find support at 0.9333, and a fall through could take it to the next support level of 0.9305. The pair is expected to find its first resistance at 0.9410, and a rise through could take it to the next resistance level of 0.9459.
Traders keenly await comments from the RBA Deputy Governor, Philip Lowe, as he participates in a panel discussion in Melbourne.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
