AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.95% against the USD to close at 1.0730, after Reserve Bank of Australia Governor (RBA), Glenn Stevens, played down chance of interest rate cut and possible AUD intervention.
Reserve Bank Governor, Glenn Stevens stated that Australia’s benchmark interest rate is right for the moment as economic growth is close to expectations, as concerns ease that Europe’s debt crisis would disrupt global output.
Meanwhile, this morning in China, the Conference Board’s Leading Economic Index climbed 1.6% to a reading of 225.7 in January.
In the Asian session, at GMT0400, the pair is trading at 1.0739, with the AUD trading 0.08% higher from yesterday’s close.
LME Copper prices rose 0.2% or $16.8/MT to $8407.5/ MT. Aluminium prices rose 0.8% or $17.3/MT to $2228.8/ MT.
The pair is expected to find support at 1.0662, and a fall through could take it to the next support level of 1.0586. The pair is expected to find its first resistance at 1.0785, and a rise through could take it to the next resistance level of 1.0832.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
