AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.27% against the USD and closed at 0.7801.
LME Copper prices rose 1.8% or $107.5/MT to $5965.5/MT. Aluminium prices declined 0.2% or $3.0/MT to $1901.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7885, with the AUD trading 1.08% higher against the USD from yesterday’s close, after minutes of the Reserve Bank of Australia’s (RBA) July meeting indicated officials offered an optimistic assessment of the Australian economy.
Minutes noted that policymakers remained upbeat over the health of the Australian economy, as the nation’s labour market, public investment and retails sales showed signs of gradual improvement. Further, it revealed that officials now expect a cash rate of 3.5% to keep inflation in check and growth at reasonable levels.
The pair is expected to find support at 0.7816, and a fall through could take it to the next support level of 0.7746. The pair is expected to find its first resistance at 0.7925, and a rise through could take it to the next resistance level of 0.7964.
Going ahead, Australia’s Westpac leading index for June, due to release in the early hours’ tomorrow, will be on investors’ radar.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
