AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.34% against the USD to close at 0.9196.
LME Copper prices rose marginally by $2.0/MT to $7067.5/MT. Aluminium prices declined 0.7% or $13.0/MT to $1734.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9192, with the AUD trading slightly lower from yesterday’s close. Earlier today, the Reserve Bank of Australia (RBA) Deputy Governor, Philip Lowe, reiterated Governor Glenn Stevens’ comments that the central bank would consider intervening the currency markets to devalue the Aussie. However, at the same time he hinted that the threshold for RBA’s intervention was high.
The pair is expected to find support at 0.9139, and a fall through could take it to the next support level of 0.9086. The pair is expected to find its first resistance at 0.9225, and a rise through could take it to the next resistance level of 0.9258.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
