AUDUSD Movement
On Friday, the AUD traded flat against the USD to close at 0.8763.
LME Copper prices declined 0.02% or $1.0/MT to $6629.0/MT. Aluminium prices rose 3.02% or $56.5/MT to $1929.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8773, with the AUD trading 0.11% higher from Friday’s close.
Earlier today, the RBA Assistant Governor, Christopher Kent stated that inflation level in Australia is expected to remain within the 2-3% medium target and added that the nation’s current monetary policy is supporting growth in demand and is also helping Australia to make transition in its economy with an ageing population.
The pair is expected to find support at 0.8733, and a fall through could take it to the next support level of 0.8694. The pair is expected to find its first resistance at 0.8813, and a rise through could take it to the next resistance level of 0.8854.
Trading trends in the AUD today are expected to be determined by the RBA minutes from its last monetary policy, scheduled overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
