AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.41% against the USD to close at 1.0264, ahead of a release of a board meeting minutes by the Reserve Bank of Australia (RBA).
LME Copper prices declined 0.6% or $49.0/MT to $8129.5/MT. Aluminium prices declined 1.3% or $25.3/MT to $1949.8/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0264, with the AUD trading marginally higher from yesterday’s close.
In the minutes of its October policy meeting, published this morning, the Reserve Bank of Australia warned that slowdown in the crucial mining industry has lowered the outlook for growth in the coming year, indicating that interest rates could fall further.
The pair is expected to find support at 1.0228, and a fall through could take it to the next support level of 1.0191. The pair is expected to find its first resistance at 1.0285, and a rise through could take it to the next resistance level of 1.0306.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
