AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD dropped 0.90% against the USD to close at 0.9114.
LME Copper prices declined 0.7% or $50.0/MT to $7285.5/MT. Aluminium prices declined 0.2% or $4.0/MT to $1872.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9066, with the AUD trading 0.53% lower from yesterday’s close.
Today morning, the minutes of the Reserve Bank of Australia’s (RBA) August 6 meeting revealed policy makers’ agreement to alter monetary policies based on the course of the exchange rate. The minutes also highlighted that the policymakers agreed that the central bank should neither close off the possibility of reducing rates further, nor signal an imminent intention to reduce rates further.
The pair is expected to find support at 0.9008, and a fall through could take it to the next support level of 0.8951. The pair is expected to find its first resistance at 0.9172, and a rise through could take it to the next resistance level of 0.9279.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
