AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened marginally against the USD to close at 0.9398.
LME Copper prices advanced 1.0% or $63.5/MT to $6735.0/MT. Aluminium prices edged up 0.1% or $1.0/MT to $1802.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9363, with the AUD trading 0.37% lower from yesterday’s close, as the minutes from the RBA’s June policy meeting, portrayed central bank’s neutral bias on monetary policy while indicating that RBA’s current accommodative monetary policy would likely be in place for “some time yet.” The minutes also highlighted a weak investment environment in the Australian mining sector and cautioned that a stronger Aussie could weigh on the nation’s growth-prospects. Also earlier today, data from China, Australia’s largest trading partner, showed that the year-to-date foreign direct investment in the nation rose 2.8% (YoY) in April.
The pair is expected to find support at 0.9343, and a fall through could take it to the next support level of 0.9322. The pair is expected to find its first resistance at 0.9401, and a rise through could take it to the next resistance level of 0.9438.
Traders keenly await a planned speech by the RBA Governor, Glenn Stevens, due later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
