AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.21% against the USD to close at 0.7740.
LME Copper prices rose 0.88% or $49.5/MT to $5695.0/MT. Aluminium prices rose 0.36% or $6.5/MT to $1818.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7779, with the AUD trading 0.51% higher from yesterday’s close.
Earlier today, the RBA Governor, Glenn Stevens’ expressed concerns that interest rate cuts would not be that effective in stimulating demand as it used to be in the past. Furthermore, he added that the central bank expects Australia’s economic growth to remain “below-par” for longer than expected and unemployment rate to edge up.
Elsewhere, in China, Australia’s biggest trading partner, the CB leading economic index rose to a level of 0.9 in January, down from previous month’s reading of 1.1.
The pair is expected to find support at 0.7690, and a fall through could take it to the next support level of 0.7601. The pair is expected to find its first resistance at 0.7825, and a rise through could take it to the next resistance level of 0.7870.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
