AUD/USD: RBA held its key interest rate steady at 1.50%


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.14% against the USD and closed at 0.7112.

LME Copper prices rose 0.2% or $13.0/MT to $6498.0/MT. Aluminium prices declined 0.6% or $12.0/MT to $1888.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7109, with the AUD trading marginally lower against the USD from yesterday’s close.

Overnight data showed that Australia’s seasonally adjusted building approvals unexpectedly soared 19.1% on a monthly basis in February, defying market expectations for a decline of 1.8%. In the prior month, building approvals had recorded a revised gain 2.3%.

The Reserve Bank of Australia (RBA), in its latest monetary policy meeting, kept its key interest rate steady at 1.50%, as widely expected, supported by robust employment data and positive developments in the infrastructure spending and private investment.

The pair is expected to find support at 0.7097, and a fall through could take it to the next support level of 0.7084. The pair is expected to find its first resistance at 0.7127, and a rise through could take it to the next resistance level of 0.7144.

Looking forward, traders would await Australia’s AiG performance of service index and CBA services PMI, both for March along with retail sales and trade balance data, both for February, slated to release overnight.

The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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