For the 24 hours to 23:00 GMT, the AUD declined 5.40% against the USD and closed at 0.6531 on Friday.
The Reserve Bank of Australia (RBA), in its monetary policy statement, The Reserve Bank of Australia (RBA), in its latest monetary policy statement, reiterated that it would not increase the cash rate unless progress is made on its employment and inflation targets. Moreover, the central bank warned that economy would contract by 10% in the first half of this year and unemployment rate would hit 10% by June. Additionally, the RBA stated that the speed and timing of the economic recovery is very uncertain beyond the next few months..
LME Copper prices rose 0.5% or $28.0/MT to $5,227.5/MT. Aluminium prices climbed 0.5% or $7.0/MT to $1,450.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6554, with the AUD trading 0.35% higher against the USD from Friday’s close.
The pair is expected to find support at 0.6519, and a fall through could take it to the next support level of 0.6484. The pair is expected to find its first resistance at 0.6575, and a rise through could take it to the next resistance level of 0.6596.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.