AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.36% against the USD and closed at 0.7293.
LME Copper prices rose 1.3% or $79.0/MT to $6260.0/MT. Aluminium prices rose 0.2% or $4.0/MT to $1918.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7289, with the AUD trading 0.05% lower against the USD from yesterday’s close.
The minutes of the Reserve Bank of Australia’s (RBA) November monetary policy meeting minutes showed that policymakers sounded optimistic about the country’s economic growth and signalled for a possible decline in the unemployment rate. Further, the minutes revealed that policymakers expect above-trend growth this year and next year, driven by record low interest rates at 1.50%.
The pair is expected to find support at 0.7270, and a fall through could take it to the next support level of 0.7250. The pair is expected to find its first resistance at 0.7317, and a rise through could take it to the next resistance level of 0.7344.
Looking ahead, traders would await the Reserve Bank of Australia’s Governor, Philip Lowe’s speech followed by Australia’s Westpac leading index for October, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
