AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.27% against the USD to close at 1.0536.
In Australian economic news, this morning, the AiG Performance of Manufacturing Index rose to 47.4 in October compared to 42.3 in September. The House Price Index declined 1.2% for the three months ending September, following a 0.5% decline in the previous quarter.
In the Asian session, at GMT0400, the pair is trading at 1.0489, with the AUD trading 0.45% lower from yesterday’s close, after the Reserve Bank of Australia (RBA) lowered its benchmark interest rate for the first time since April 2009.
This morning, the RBA lowered the benchmark cash rate by 4.5%, stating that growth would moderate and that inflation would be close to the bank’s target in the coming months.
LME Copper prices declined 1.0% or $81.0/MT to $7,900.3/ MT. Aluminium prices declined 1.6% or $34.8/MT to $2,186.5/ MT.
The pair is expected to find support at 1.0440, and a fall through could take it to the next support level of 1.0390. The pair is expected to find its first resistance at 1.0575, and a rise through could take it to the next resistance level of 1.0660.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
