AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.43% against the USD to close at 0.7615.
Yesterday, the RBA Governor, Glenn Stevens, indicated that the Australian economy was “adjusting quite well” to lower commodity prices, but called the recent evidence on the nation’s job growth as “ambiguous”. Further, he stated that the central bank’s monetary and fiscal policies could be used in order to respond to a global downturn, if needed.
LME Copper prices declined 0.19% or $9.5 /MT to $5070.0 /MT. Aluminium prices declined 0.34% or $5.0 /MT to $1481.0 /MT.
In the Asian session, at GMT0400, the pair is trading at 0.763, with the AUD trading 0.2% higher from yesterday’s close.
The pair is expected to find support at 0.7570, and a fall through could take it to the next support level of 0.7510. The pair is expected to find its first resistance at 0.7671, and a rise through could take it to the next resistance level of 0.7711.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
