AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.15% against the USD to close at 0.8940.
LME Copper prices rose 1.5% or $107.0/MT to $ 7325.5/MT. Aluminium prices declined 0.3% or $5.0/MT to $ 1745.5/MT.
In economic news, the Conference Board Australia reported that the leading index in Australia increased 0.5% in October, compared to a 0.3% rise reported in September.
In the Asian session, at GMT0400, the pair is trading at 0.8941, with the AUD trading tad higher from yesterday’s close.
This morning, the Reserve Bank of Australia (RBA) stated in its minutes of its December 3 meeting, that the central bank has maintained the possibility of cutting the key interest rate further amid an “uncomfortably high” Australian Dollar. However, RBA mentioned that it would like to measure the effect of earlier cuts before doing so.
The pair is expected to find support at 0.8921, and a fall through could take it to the next support level of 0.8900. The pair is expected to find its first resistance at 0.8967, and a rise through could take it to the next resistance level of 0.8992.
Trading trends in the pair today are expected to be determined by the RBA Governor, Glenn Stevens’ speech and the Westpac leading index, to be released by the end of the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
