AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.03% against the USD to close at 1.0242.
LME Copper prices declined 0.7% or $53.5/MT to $7635.5/ MT. Aluminium prices rose marginally or $0.3/MT to $1861.5/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0294, with the AUD trading 0.51% higher from yesterday’s close.
This morning , Reserve Bank of Australia(RBA) in its minutes of July 3 policy meeting, where it kept cash rate at 3.5%, stated that it was appropriate for interest rates to be a little below average interest rate as “given evidence of slower global growth and the low rate of inflation”. Meanwhile, in economic news, new motor vehicle sales in Australia fell 0.6% (MoM) in June to 91,375.
The pair is expected to find support at 1.0229, and a fall through could take it to the next support level of 1.0165. The pair is expected to find its first resistance at 1.0331, and a rise through could take it to the next resistance level of 1.0369.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
