AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.56% against the USD to close at 0.7994, extending its previous session losses.
LME Copper prices rose 0.42% or $27.0/MT to $6383.0/MT. Aluminium prices declined 0.99% or $18.0/MT to $1795.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7985, with the AUD trading 0.11% lower from yesterday’s close.
Earlier today, the RBA minutes from its recent monetary policy revealed that the central bank has left open the possibility for further interest rate cuts, amid weaker Chinese growth and soft business investment in Australia. Additionally, it also expressed concerns about the booming home prices in Sydney and Melbourne.
The pair is expected to find support at 0.7951, and a fall through could take it to the next support level of 0.7916. The pair is expected to find its first resistance at 0.8026, and a rise through could take it to the next resistance level of 0.8066.
Meanwhile, investors would keep a close eye on Australia’s Westpac consumer confidence data, scheduled tomorrow for further cues.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
