AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.38% against the USD and closed at 0.7578.
Yesterday, the Reserve Bank of Australia’s (RBA) Governor, Philip Lowe ruled out the possibility of a near-term interest rate hike as inflation is expected to remain below the central bank’s target for another two years.
LME Copper prices rose 1.1% or $76.0/MT to $6828.0/MT. Aluminium prices declined 0.3% or $5.5/MT to $2062.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7567, with the AUD trading 0.15% lower against the USD from yesterday’s close.
Data released overnight showed that Australia’s Westpac leading index climbed 0.13% on a monthly basis in October, after recording a revised gain of 0.14% in the prior month. Moreover, the nation’s seasonally adjusted construction work done unexpectedly advanced 15.7% QoQ in 3Q 2017, defying market consensus for a fall of 2.3% and compared to a rise of 9.3% in the prior quarter.
The pair is expected to find support at 0.7535, and a fall through could take it to the next support level of 0.7502. The pair is expected to find its first resistance at 0.7598, and a rise through could take it to the next resistance level of 0.7628.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
