AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.73% against the USD to close at 0.8694, amid a broad strength in the US Dollar.
LME Copper prices declined 0.50% or $34.5/MT to $6801.0/MT. Aluminium prices declined 0.05% or $1.0/MT to $2056.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8729, with the AUD trading 0.4% higher from yesterday’s close.
Earlier today, the RBA held its interest rates at a record-low of 2.5% for the 15th consecutive month, in line with market expectations. Additionally, the RBA Governor, Glenn Stevens in a statement post the interest rate decision vowed to keep the interest rates at a low level for some more time and expressed concerns over the elevated value of the Aussie as it was restricting growth in the nation.
In other economic news, the seasonally adjusted monthly retail sales in Australia surprisingly jumped 1.2% in September, exceeding market expectations for a gain of 0.3%. It had risen 0.1% in August. Meanwhile, the nation’s trade deficit expanded to A$ 2261.0 million in September, following a revised trade deficit of A$ 1013.0 million in August, while markets were expecting the nation to register a trade deficit of A$ 1775.0 million. On the other hand, Australia’s exports and imports rebounded strongly in September.
The pair is expected to find support at 0.8664, and a fall through could take it to the next support level of 0.86. The pair is expected to find its first resistance at 0.8775, and a rise through could take it to the next resistance level of 0.8822.
Looking forward, market participants await the Australia’s AiG performance of service index data, scheduled in the late hours today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
