AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.18% against the USD to close at 0.7643.
LME Copper prices declined 0.12% or $7.0/MT to $5853.0/MT. Aluminium prices rose 0.97% or $17.0/MT to $1761.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7628, with the AUD trading 0.21% lower from yesterday’s close.
Earlier today, the minutes of the RBA from its recent monetary policy meeting suggested that there was possibility of more monetary easing in the nation, despite the central banks increasing concerns about the nation’s housing market. The minutes also revealed that the Aussie had depreciated, but still remained overvalued.
The pair is expected to find support at 0.7598, and a fall through could take it to the next support level of 0.7569. The pair is expected to find its first resistance at 0.7669, and a rise through could take it to the next resistance level of 0.7711.
Going forward, market participants await the release of Australia’s Westpac leading index data, scheduled overnight.
The currency pair is trading below with its 20 Hr and 50 Hr moving averages.
