AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.41% against the USD to close at 0.9970, amid rising fears that Greece may exit from Europe’s currency union, reducing demand for riskier assets.
In the Asian session, at GMT0300, the pair is trading at 0.9971, with the AUD trading flat from yesterday’s close.
This morning, Reserve Bank of Australia (RBA), in minutes of its May 1 policy meeting, stated that lower-than-expected inflation, weak economic growth and domestic home loan rate hikes formed the case for a bigger-than-expected 50 basis point cut in interest rates at the start of the month.
Meanwhile, new motor vehicle sales in Australia fell 0.7% (MoM) in April, compared to the rise of 4.0% in March
LME Copper prices declined 1.2% or $100.3/MT to $7979.5/ MT. Aluminium prices declined 0.5% or $10.3/MT to $1981.5/ MT.
The pair is expected to find support at 0.9935, and a fall through could take it to the next support level of 0.9899. The pair is expected to find its first resistance at 1.0017, and a rise through could take it to the next resistance level of 1.0063.
The currency pair is trading below its 20 Hr and 50 Hr moving average.
