AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.24% against the USD to close at 0.9299.
LME Copper prices rose 0.4% or $24.5/MT to $6934.5/MT. Aluminium prices rose 1.7% or $33.0/MT to $2028.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9299, with the AUD trading flat from yesterday’s close.
The Reserve Bank of Australia’s (RBA) Governor, Glenn Stevens, in his testimony, indicated that economic growth rate in the nation is expected to be close to the trend, but a bit slower and further mentioned that key interest rate will be held at its current low for some time. Meanwhile, the RBA’s Assistant Governor, Christopher Kent, in an interview, said that unemployment in the nation would not fall until late 2015 or early 2016.
In economic news, data indicated that the Westpac Leading Index in Australia fell 0.1% in July on a monthly basis, compared to a rise of 0.1% in the previous month. Meanwhile, the internet skilled vacancies registered a rise of 0.9% in Australia, for a similar period, though it had climbed 1.6% in the prior month.
The pair is expected to find support at 0.9274, and a fall through could take it to the next support level of 0.925. The pair is expected to find its first resistance at 0.9335, and a rise through could take it to the next resistance level of 0.9372.
Amid a lack of economic releases ahead in the day, trading trends in the pair would be determined by global events.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
