AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD fell marginally against the USD to close at 1.0295.
LME Copper prices declined 1.5% or $104.5/MT to $6962.5/MT. Aluminium prices rose 1.0% or $18.5/MT to $1874.0/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0318, with the AUD trading 0.22% higher from yesterday’s close.
This morning, a top official from the International Monetary Fund (IMF) commented that, the Australian Dollar is overvalued by as much as 10%, owing to the nation’s relatively high interest rates.
The pair is expected to find support at 1.0284, and a fall through could take it to the next support level of 1.0250. The pair is expected to find its first resistance at 1.0347, and a rise through could take it to the next resistance level of 1.0376.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
