AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.17% against the USD to close at 1.0546.
Yesterday, the Reserve Bank of Australia (RBA) decided to retain its benchmark cash rate unchanged at 3.5%, in line with market forecast. The Governor, Glenn Stevens, stated that the inflation expected to be consistent with the target and growth close to trend the stance of monetary policy remained appropriate.
LME Copper prices rose 2.3% or $169.0/MT to $7566.5/ MT. Aluminium prices rose 1.9% or $34.3/MT to $1863.0/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0543, with the AUD trading 0.03% lower from yesterday’s close.
In Australia, this morning, home loans rose 1.3% (MoM) in June, against the market expectation of a 2.0% rise.
The pair is expected to find support at 1.0515, and a fall through could take it to the next support level of 1.0486. The pair is expected to find its first resistance at 1.0588, and a rise through could take it to the next resistance level of 1.0632.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
