AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 0.9556.
LME Copper prices declined 0.3% or $24.50/MT to $7020.5/MT. Aluminium prices rose 1.4% or $26.00/MT to $1789.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9518, with the AUD trading 0.40% lower from yesterday’s close, after the Reserve Bank of Australia (RBA), in is monetary policy minutes released today, revealed that the central bank stands ready to lower interest rates, if required, citing that inflation remains in check. Also, the minutes indicated that the Australian Dollar is likely to depreciate further as export prices ease.
The pair is expected to find support at 0.9463, and a fall through could take it to the next support level of 0.9408. The pair is expected to find its first resistance at 0.9608, and a rise through could take it to the next resistance level of 0.9698.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
