AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.42% against the USD to close at 0.7082.
LME Copper prices rose 1.25% or $63.5/MT to $5144.5/MT. Aluminium prices rose 0.13% or $2.0/MT to $1547.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7078, with the AUD trading marginally lower from yesterday’s close.
Earlier today, the Reserve Bank of Australia maintained its interest rates steady at 2.0%, at its October policy meeting. Further the RBA Governor, Glenn Stevens, in his statement mentioned that the Australian economy will continue to grow moderately and the central bank would look to the next round of economic data to guide its decisions.
Early morning data showed that Australia’s trade deficit widened to A$3.1 billion in August, from A$2.8 billion in July.
The pair is expected to find support at 0.7052, and a fall through could take it to the next support level of 0.7025. The pair is expected to find its first resistance at 0.7109, and a rise through could take it to the next resistance level of 0.7139.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
