The Australian dollar fell against the greenback after the release of the minutes of the RBA meeting, which had a dovish tone and indicated that policy makers were concerned over slowing global economic growth, leading to speculation that the RBA would reduce interest rates.
In the economic news, in the Australia this morning, the Westpac Leading Index rose 0.1% (M-o-M) in July, following a 0.1% decline in the previous month. Additionally, the Wage Price Index rose 0.9% in the second quarter of 2011, following a 0.8% rise in the previous quarter.
In the Asian session at 3:00GMT, the pair is trading at 1.0470, 0.38% higher from yesterday’s close at 23:00 GMT.
LME Copper prices declined 0.7% or $63.8/MT to $8,759.8/ MT. Aluminium prices declined 0.3% or $7.0/MT to $2,338.3/ MT.
The pair is expected to find first short term resistance at 1.0510, with the next resistance levels at 1.0549 and 1.0634, subsequently. The first support for the pair is seen at 1.0425, followed by next supports at 1.0379 and 1.0294 respectively.
Please see the attached chart below...
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