AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.24% against the USD to close at 0.7247.
LME Copper prices declined 0.57% or $30.0/MT to $5240.0/MT. Aluminium prices declined 0.42% or $6.5/MT to $1536.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7257, with the AUD trading 0.14% higher from yesterday’s close.
Earlier this morning, the minutes of the RBA October monetary policy board meeting revealed that the nation’s economic recovery has picked up pace in the third quarter and hence it was appropriate to leave rates unchanged. The minutes indicated that the central bank saw signs of rebalancing of the economy being supported by sectors outside of the struggling mining industry. The RBA policy setters also noted that employment growth had strengthened and that rate cuts earlier this year were still supporting consumer spending and home building, while a lower domestic currency was largely driving service exports.
The pair is expected to find support at 0.7229, and a fall through could take it to the next support level of 0.7202. The pair is expected to find its first resistance at 0.7297, and a rise through could take it to the next resistance level of 0.7337.
Moving ahead, investors will keep an eye on Australia’s Conference board leading index for August and the Westpac leading index for September, scheduled to be released in the late hours today.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
