AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.42% against the USD and closed at 0.7215.
LME Copper prices declined 0.3% or $16.0/MT to $6239.0/MT. Aluminium prices rose/declined 0.4% or $8.0/MT to $1959.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7211, with the AUD trading 0.06% lower against the USD from yesterday’s close.
The Reserve Bank of Australia, in its November monetary policy meeting, opted to leave its interest rate unchanged at 1.50%, as widely expected, amid sluggish wage growth and weak domestic spending.
The pair is expected to find support at 0.7189, and a fall through could take it to the next support level of 0.7168. The pair is expected to find its first resistance at 0.7226, and a rise through could take it to the next resistance level of 0.7242.
Moving forward, investors would await Australia’s AiG performance of construction index for October, slated to release later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
