AUD/USD: RBA kept its interest rate unchanged at 1.50%


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.43% against the USD and closed at 0.7685.

LME Copper prices declined 0.2% or $12.0/MT to $6902.5/MT. Aluminium prices fell 0.6% or $13.0/MT to $2152.0/MT.

The Reserve Bank of Australia (RBA), at its latest policy meeting, decided to keep its cash rate steady at 1.50%, citing weakness in inflation and slowdown in the housing market. The central bank kept its forecast for the nation’s economic growth largely unchanged and it expects inflation to gradually rise in the coming months. However, the central bank remained concerned about the outlook for household spending.

In the Asian session, at GMT0400, the pair is trading at 0.7689, with the AUD trading marginally higher from yesterday’s close.

The pair is expected to find support at 0.7657, and a fall through could take it to the next support level of 0.7625. The pair is expected to find its first resistance at 0.7711, and a rise through could take it to the next resistance level of 0.7733.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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