AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.48% against the USD to close at 0.9513.
In economic news, the Australian Industry Group reported that the performance of service index in the nation advanced to a reading of 47.9 in October, the highest level since March 2013, following a level of 47.1 registered in the previous month.
LME Copper prices declined 1.0% or $75.5/MT to $7180.0/MT. Aluminium prices fell 1.6% or $29.5/MT to $1788.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9470, with the AUD trading 0.45% lower from yesterday’s close, after the Reserve Bank of Australia (RBA) decided to keep its interest rate unchanged at 2.5%, broadly in-line with market expectations and reiterated its desire for a lower exchange rate, by saying that the Aussie still remains at ‘uncomfortably high’ levels. Aussie was further hit after the RBA Governor, Glenn Stevens, indicated “that growth in the Australian economy was a bit below trend over the past year and that the unemployment rate in the nation has edged higher”. He added that “the policymakers would continue to assess the outlook of the economy and adjust policy as needed to foster sustainable growth”.
The pair is expected to find support at 0.9450, and a fall through could take it to the next support level of 0.9429. The pair is expected to find its first resistance at 0.9507, and a rise through could take it to the next resistance level of 0.9543.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
