By
GCI Financial |
Technical Analysis | Aug 16, 2011 06:04AM GMT |
In the Asian session at 3:00GMT, the pair is trading at 1.0491, 0.10% higher from yesterday’s close at 23:00 GMT, after the release of RBA minutes.
The Reserve Bank of Australia (RBA) stated that the ongoing instability in global financial markets was a threat to economic growth, as they voted for the central bank to keep interest rates unchanged at its last policy meeting in August.
LME Copper prices declined 0.3% or $27.3/MT to $8,823.5/ MT. Aluminium prices declined 1.4% or $33.3/MT to $2,345.3/ MT.
The pair is expected to find first short term resistance at 1.0543, with the next resistance levels at 1.0594 and 1.0726, subsequently. The first support for the pair is seen at 1.0411, followed by next supports at 1.0330 and 1.0198 respectively.
Please see the attached chart below...
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