AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.18% against the USD and closed at 0.7666.
LME Copper prices declined 0.35% or $17.0/MT to $4779.0/MT. Aluminium prices declined 1.16% or $19.0/MT to $1626.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7689, with the AUD trading 0.3% higher against the USD from yesterday’s close.
Earlier today, the Reserve Bank of Australia’s (RBA) Governor, Glenn Stevens, reiterated that monetary policy alone cannot recover the nation economic growth as persistent low interest rates may not be the right formula. Further, he warned that if the economy needs to be revived it might have to come from government spending rather than interest rates only.
In other economic news, data suggested that Australia’s Westpac consumer confidence index climbed by 2.0% to a level of 101.0 in August, following a reading of 99.1 in the prior month.
The pair is expected to find support at 0.7636, and a fall through could take it to the next support level of 0.7583. The pair is expected to find its first resistance at 0.7724, and a rise through could take it to the next resistance level of 0.7759.
Moving ahead, trading trends in the AUD today are expected to be determined by global events.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
