AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD traded a tad lower against the USD to close at 0.7764.
LME Copper prices declined 0.33% or $19.0/MT to $5712.0/MT. Aluminium prices declined 0.93% or $17.0/MT to $1814.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7800, with the AUD trading 0.46% higher from yesterday’s close.
Earlier today, the minutes of the RBA from its recent monetary policy meeting indicated that the central bank’s policymakers slashed its interest rate to a record low of 2.25% as the Australian economy was not doing well and also expressed concerns about the continued strength in the nation’s housing markets.
Elsewhere, in China, Australia’s biggest trading partner, the house price index slid 5.1% in January, following a 4.3% drop registered in the prior month.
The pair is expected to find support at 0.7757, and a fall through could take it to the next support level of 0.7714. The pair is expected to find its first resistance at 0.7827, and a rise through could take it to the next resistance level of 0.7854.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
