AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.07% against the USD to close at 0.9230, after the Reserve Bank of Australia (RBA) Governor, Glenn Stevens highlighted the possibility for the central bank to intervene in the currency markets to devalue the Aussie. He added that, even though intervention in the currency market could prove costly for the bank, it could be “effective and useful and it remains part of the tool kit.”
LME Copper prices rose 0.2% or $12.0/MT to $6992.0/MT. Aluminium prices declined 0.5% or $9.5/MT to $1730.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9176, with the AUD trading 0.59% lower from yesterday’s close.
The pair is expected to find support at 0.9124, and a fall through could take it to the next support level of 0.9073. The pair is expected to find its first resistance at 0.9269, and a rise through could take it to the next resistance level of 0.9363.
With no major economic releases from Australia, market participants are expected to monitor global economic news for cues in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
