AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.2% against the USD and closed at 0.7538.
LME Copper prices declined 0.04% or $2.0/MT to $4731.5/MT. Aluminium prices declined 0.1% or $1.5/MT to $1558.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7543, with the AUD trading 0.07% higher against the USD from yesterday’s close.
Earlier today, minutes of the Reserve Bank of Australia’s (RBA) September meeting indicated that policymakers refrained from adopting additional easing measures, signalling that interest rates could remain on hold for the foreseeable future as the nation’s economic growth was matching its potential and also noted that the current stance of monetary policy would help to achieve the inflation target over time.
In other economic news, Australia’s house prices climbed by 2.0% on a quarterly basis in the second quarter of 2016, lower than market expectations for a rise of 2.8% and following a drop of 0.2% in the previous quarter.
The pair is expected to find support at 0.7519, and a fall through could take it to the next support level of 0.7496. The pair is expected to find its first resistance at 0.7569, and a rise through could take it to the next resistance level of 0.7596.
Moving ahead, Australia’s Westpac leading index data for August, scheduled to be released in the early hours’ tomorrow, would be on investors radar.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
