For the 24 hours to 23:00 GMT, the AUD declined 0.66% against the USD and closed at 0.7856.
LME Copper prices declined 0.04% or $2.5/MT to $6351.0/MT. Aluminium prices declined 0.5% or $10.5/MT to $2030.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7868, with the AUD trading 0.15% higher against the USD from yesterday’s close, after minutes of the Reserve Bank of Australia’s (RBA) August meeting highlighted an upbeat outlook for the Australian economy.
Minutes indicated that policymakers expressed confidence that Australia’s economic growth is likely to pick up pace in the coming months. However, the central bank reiterated its view that the housing market as well as household debt warrants “careful monitoring” and that any further rise in the local currency could lead to slower growth and subdued inflation.
The pair is expected to find support at 0.7838, and a fall through could take it to the next support level of 0.7808. The pair is expected to find its first resistance at 0.7905, and a rise through could take it to the next resistance level of 0.7942.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
