AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.63% against the USD to close at 0.9084, after the Westpac Banking Corp dropped its view for an additional easing measure by the Reserve Bank of Australia (RBA) and projected a hike in the nation’s benchmark interest rate in the latter half of next year.
LME Copper prices rose 0.9% or $60.0/MT to $6550.0/MT. Aluminium prices declined 0.8% or $14.0/MT to $1684.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9077, with the AUD trading 0.08% lower from yesterday’s close.
Earlier today, the minutes from the Reserve Bank of Australia (RBA) latest policy meeting highlighted policymakers’ view for a period of stability in interest rate. Separately, Macquarie Group pushed back its projection on a rate cut by the RBA to the third quarter from the second and opined that an interest rate of 2.25% would be the terminal rate for the central bank’s easing cycle.
The pair is expected to find support at 0.9035, and a fall through could take it to the next support level of 0.8992. The pair is expected to find its first resistance at 0.9116, and a rise through could take it to the next resistance level of 0.9154.
Later today, the Melbourne Institute is scheduled to report the trend in its Westpac leading index for February.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
