AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.05% against the USD to close at 1.0004.
The Australian dollar was under pressure against the greenback after Reserve Bank of Australia Governor, Glenn Stevens stated that the central bank was not contemplating a rate rise right now and doesn’t think inflation expectations would rise.
In the Asian session at 4:00GMT, the pair is trading at 0.9996, 0.08% lower from the New York session close.
LME Copper prices declined 1.2% or $124.3/MT to $9,875.3/ MT. Aluminum prices declined 1.3% or $34.3/ MT to $2,503.3/ MT.
The pair is expected to find first short term resistance at 1.0063, with the next resistance levels at 1.0131 and 1.0240, subsequently. The first support for the pair is seen at 0.9954, followed by next supports at 0.9913 and 0.9804 respectively.
With no Australian economic releases in the day ahead, AUD is expected to ride on US data releases on trade balance and consumer sentiment index.
The pair is trading just below its 20 Hr moving average and well below its 50 Hr moving average.
