AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 1.87% against the USD to close at 0.8912, buoyed by Reserve Bank of Australia (RBA)’s decision to keep its key interest rate unchanged at 2.5%.
LME Copper prices rose 0.2% or $11.5/MT to $7107.0/MT. Aluminium prices declined 1.0% or $17.0/MT to $1641.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8892, with the AUD trading 0.22% lower from yesterday’s close.
This morning, the Australian Prime Minister, Tony Abbott highlighted his desire to maximise jobs and pay in the economy, citing concerns on softening economic environment and labour market,
On the economic front, the AiG performance of service index in Australia advanced to a reading of 49.3 in January, from a level of 46.1 registered in the previous month.
The pair is expected to find support at 0.8843, and a fall through could take it to the next support level of 0.8793. The pair is expected to find its first resistance at 0.8943, and a rise through could take it to the next resistance level of 0.8993.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
