AUDUSD Movement
On Friday, the AUD strengthened 1.58% against the USD to close at 0.7774.
LME Copper prices rose 1.46% or $85.0/MT to $5920.0/MT. Aluminium prices declined 1.09% or $19.5/MT to $1763.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7831, with the AUD trading 0.73% higher from Friday’s close.
Earlier today, a leading investment bank indicated that the RBA would probably slash its key interest rates one more time, despite a boom in the nation’s housing market.
The pair is expected to find support at 0.7716, and a fall through could take it to the next support level of 0.7602. The pair is expected to find its first resistance at 0.7891, and a rise through could take it to the next resistance level of 0.7951.
Looking ahead, investors await Australia’s CB leading index data, scheduled in the late hours today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
