AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.28% against the USD to close at 0.9541, as investors cheered the minutes from the Reserve Bank of Australia’s (RBA) latest policy meeting, which highlighted policymakers’ view that the Aussie was still undervalued and that the current market pricing lowered the possibility for a near-term cut in the cash rate.
LME Copper prices declined 0.3% or $19.5/MT to $7186.0/MT. Aluminium prices fell 0.9% or $17.0/MT to $1805.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9527, with the AUD trading 0.15% lower from yesterday’s close. Earlier today, a report from Australia, showed that the Westpac leading index declined 0.1% (MoM) in August, compared to a 0.4% rise seen in the previous month.
The pair is expected to find support at 0.9500, and a fall through could take it to the next support level of 0.9472. The pair is expected to find its first resistance at 0.9552, and a rise through could take it to the next resistance level of 0.9576.
Amid lack of economic releases from Australia, traders are expected to keep an eye on global economic news for further guidance in the pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
