AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD slightly declined against the USD and closed at 0.6876.
LME Copper prices rose 0.02% or $1.0/MT to $6155.0/MT. Aluminium prices declined 0.03% or $0.5/MT to $1763.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6867, with the AUD trading 0.13% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted home loan approvals rose 2.0% on a monthly basis in October, following a rise of 3.6% in the previous month.
The minutes of the Reserve Bank of Australia’s (RBA) December monetary policy meeting showed that policymakers would “reassess” the country’s economic outlook in February 2020 in order to decide further policy action. Further, minutes indicated that the central bank was “prepared to ease monetary policy further if needed”.
The pair is expected to find support at 0.6853, and a fall through could take it to the next support level of 0.6838. The pair is expected to find its first resistance at 0.6890, and a rise through could take it to the next resistance level of 0.6912.
Moving forward, investors would keep an eye on Australia’s Westpac leading index for November, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
