AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.60% against the USD to close at 1.0475.
LME Copper prices declined 1.3% or $107.5/MT to $8292.8/MT. Aluminium prices declined 0.7% or $15.0/MT to $2161.8/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0467, with the AUD trading 0.08% lower from yesterday’s close.
This morning, the Reserve Bank of Australia (RBA), in its minutes of September 4 meeting, confirmed that its current monetary policy still suits the current environment citing the nation’s economic growth is near targeted trend. However, the bank hinted towards another chance to cut interest rate as strength of the local currency and slowing growth in China possesses risks to the domestic economy.
The pair is expected to find support at 1.0422, and a fall through could take it to the next support level of 1.0376. The pair is expected to find its first resistance at 1.0528, and a rise through could take it to the next resistance level of 1.0589.
The currency pair is trading below its 20 Hr and 50 Hr moving average.
