AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.22% against the USD to close at 0.9038.
LME Copper prices rose 0.5% or $34.5/MT to $7210.0/MT. Aluminium prices declined 0.6% or $10.0/MT to $1700.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9051, with the AUD trading 0.14% higher from yesterday’s close, after the minutes from the Reserve Bank of Australia’s (RBA) latest policy meeting hinted towards “a period of stability in interest rates” and avoided comments regarding the strength in the currency. The minutes also highlighted policy-makers’ view for growth in the Australian economy to accelerate and unemployment in the nation to slow-down in the near future. The minutes further indicated that the central bank has done everything it could to boost the economy, but it will take some time for proper results to come through.
The pair is expected to find support at 0.9016, and a fall through could take it to the next support level of 0.8980. The pair is expected to find its first resistance at 0.9085, and a rise through could take it to the next resistance level of 0.9118.
Later today, the Conference Board is scheduled to release a report on Australia leading index.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
