Aussie Extends Its Gains This Morning, Ahead Of Glenn Stevens’ Speech
GCI Financial | Aug 19, 2014 02:01AM ET
For the 24 hours to 23:00 GMT, the AUD traded tad higher against the USD to close at 0.9321.
LME Copper prices rose 0.8% or $57.5/MT to $6910.0/MT. Aluminium prices rose 0.8% or $15.0/MT to $1995.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9336, with the AUD trading 0.16% higher from yesterday’s close.
Early this morning, the Reserve Bank of Australia (RBA), in its minutes of its 05 August policy meeting, indicated that Australia’s economic recovery outlook remains uncertain. The RBA indicated that, the nation’s mining sector investment would further slow down. The RBA also stated that the GDP growth of the country would likely have slowed to a more moderate pace in the June quarter. Additionally, the bank reiterated that the interest rates will remain on hold at 2.5%.
The pair is expected to find support at 0.9317, and a fall through could take it to the next support level of 0.9298. The pair is expected to find its first resistance at 0.9349, and a rise through could take it to the next resistance level of 0.9362.
Going forward, investors would focus on the speech of RBA’s Governor, Glenn Stevens, scheduled to release in the mid-night.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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