AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened marginally against the USD to close at 0.8912.
LME Copper prices declined 1.0% or $68.5/MT to $6950.5/MT. Aluminium prices declined 0.8% or $14.5/MT to $1755.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8931, with the AUD trading 0.21% higher from yesterday’s close.
Data just released indicated that the Reserve Bank of Australia (RBA) trimmed its key interest rate by a quarter percentage point to an all-time low of 2.5%, in line with market expectations.
On the macro front, house prices in Australia climbed 2.4% (QoQ) in the second quarter of 2013, compared to a 0.8% rise in the previous quarter. Meanwhile, trade surplus widened to A$602 million in June, compared to a surplus of A$507 million in May.
The pair is expected to find support at 0.8877, and a fall through could take it to the next support level of 0.8822. The pair is expected to find its first resistance at 0.8965, and a rise through could take it to the next resistance level of 0.8998.
Ahead in the day Australia would release AiG performance of construction index for July, which would provide insights on conditions in the construction market.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
