AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.09% against the USD and closed at 0.7549.
LME Copper prices rose 0.4% or $23.5/MT to $6752.0/MT. Aluminium prices declined 0.5% or $9.5/MT to $2067.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7539, with the AUD trading 0.13% lower against the USD from yesterday’s close, following the release of downbeat minutes of the Reserve Bank of Australia’s (RBA) November meeting.
According to the minutes, policymakers cautioned that there remains “considerable uncertainty” about how quickly wages might grow and how this could impact inflation. Further, the board members noted that growth in inflation would be influenced by pressure on margins from strong retail competition and the outlook for wage growth.
The pair is expected to find support at 0.7523, and a fall through could take it to the next support level of 0.7506. The pair is expected to find its first resistance at 0.7565, and a rise through could take it to the next resistance level of 0.7590.
Looking ahead, a speech by the RBA Governor, Philip Lowe, due in a few hours, will attract significant amount of market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
