AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.37% against the USD to close at 0.9127.
Late Yesterday, Fitch Ratings affirmed its “AAA” rating on Australia’s long-term foreign and local currency IDRs with a “Stable” outlook, by stating that strong underlying economic and institutional fundamentals provides the Australian economy with high degree of resiliency to shocks.
LME Copper prices declined 0.5% or $29.5/MT to $6510.0/MT. Aluminium prices rose 0.7% or $11.5/MT to $1688.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9138, with the AUD trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 0.9088, and a fall through could take it to the next support level of 0.9038. The pair is expected to find its first resistance at 0.9174, and a rise through could take it to the next resistance level of 0.9210.
Market participants look forward to the Reserve Bank of Australia (RBA) Deputy Governor, Philip Lowe’s speech, due later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
