AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.78% against the USD to close at 0.7143.
LME Copper prices declined 0.52% or $28.0/MT to $5324.0/MT. Aluminium prices declined 0.96% or $15.5/MT to $1599.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7129, with the AUD trading 0.2% lower from yesterday’s close.
Earlier today, the RBA minutes from its last monetary policy meeting revealed that the recent turmoil in the Chinese financial market had increased risk to Australia’s economic outlook. Further, the RBA indicated that low interest rates would continue to aid growth in housing investments and household consumption and RBA would continue to assess and contain risks arising from the property market
The pair is expected to find support at 0.7072, and a fall through could take it to the next support level of 0.7014. The pair is expected to find its first resistance at 0.7177, and a rise through could take it to the next resistance level of 0.7225.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
