AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.24% against the USD to close at 0.9619, after Reserve Bank of Australia (RBA) Deputy Governor, Philip Lowe, expressed confidence in the central bank’s easing cycle, stating that the record-low interest rates, weaker currency and improving sentiment should help revive growth. He also added that a further depreciation in the Aussie would be helpful in rebalancing growth in the economy.
LME Copper prices declined 0.6% or $40.5/MT to $7160.0/MT. Aluminium prices fell 1.1% or $20.0/MT to $1802.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9610, with the AUD trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 0.9563, and a fall through could take it to the next support level of 0.9516. The pair is expected to find its first resistance at 0.9665, and a rise through could take it to the next resistance level of 0.9720.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
