AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD traded flat against the USD to close at 1.0462, as fears over Greece’s debt problems eased.
The Reserve Bank of Australia (RBA) Assistant Governor, Guy Debelle stated that local banks had actually been paying down their foreign debt over the past year, while cutting back on short-term debt and greatly expanding their deposit base. He also stated that Central banks have an important role to play in being a lender of last resort for the banking system, but they need to be careful about it.
In the Asian session at 3:00GMT, the pair is trading at 1.0468, 0.06% higher from yesterday’s close at 23:00 GMT.
LME Copper prices declined 0.5% or $44.5/MT to $9,000.3/ MT. Aluminium prices traded flat at $2,466.3/ MT.
The pair is expected to find first short term resistance at 1.0502, with the next resistance levels at 1.0535 and 1.0624, subsequently. The first support for the pair is seen at 1.0413, followed by next supports at 1.0357 and 1.0268 respectively.
The currency pair is showing convergence with its 50 Hr moving average and is trading just above its 20 Hr moving average.
