AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.43% against the USD and closed at 0.7248.
LME Copper prices declined 1.6% or $88.0/MT to $5561.0/MT. Aluminium prices declined 0.9% or $15.5/MT to $1717.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7252, with the AUD trading 0.06% higher against the USD from yesterday’s close.
According to minutes of the Reserve Bank of Australia’s (RBA) recent meeting, policymakers expect economic growth to soften towards the year-end before regaining momentum in the next year. Further, it indicated that the central bank was trying to balance the benefits of lower interest rates against the risk of higher household debt.
The pair is expected to find support at 0.7224, and a fall through could take it to the next support level of 0.7195. The pair is expected to find its first resistance at 0.7291, and a rise through could take it to the next resistance level of 0.7329.
Going ahead, market participants will focus on Australia’s Westpac leading index for November, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
