AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 1.42% against the USD to close at 0.7653.
LME Copper prices rose 2.50% or $142.5/MT to $5835.0/MT. Aluminium prices rose 0.62% or $11.0/MT to $1782.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7672, with the AUD trading 0.24% higher from yesterday’s close.
Earlier today, the RBA Governor, Glenn Stevens opined that the nation’s economy was expected to have a period of sub-average growth as it passes through a “major transition”, however the central bank’s support and a weaker currency would mitigate the impact.
The pair is expected to find support at 0.7602, and a fall through could take it to the next support level of 0.7531. The pair is expected to find its first resistance at 0.7751, and a rise through could take it to the next resistance level of 0.7830.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
