For the 24 hours to 23:00 GMT, AUD strengthened 0.15% against the USD to close at1.0467, after the Reserve Bank of Australia’s (RBA) board minutes confirmed a positive outlook for the Australian economy.
LME Copper prices rose 1.0% or $77.8/MT to $7509.8/MT. Aluminium prices rose 1.2% or $22.3/MT to $1820.8/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0455, with the AUD trading 0.11% lower from yesterday’s close.
This morning, the Westpac leading index in Australia, rose 0.5% (MoM) to 284.0 in June, from 282.6 in May.
The pair is expected to find support at 1.0422, and a fall through could take it to the next support level of 1.0388. The pair is expected to find its first resistance at 1.0505, and a rise through could take it to the next resistance level of 1.0554.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.