AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.45% against the USD and closed at 0.7144.
LME Copper prices rose 1.64% or $73.5/MT to $4562.0/MT. Aluminium prices rose 0.43% or $6.5/MT to $1505.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7164, with the AUD trading 0.29% higher from yesterday’s close.
Earlier today, the RBA, in the minutes of the February meeting, indicated that the recent positive domestic news showed gradual increase in economic growth over the forecast period. Also, the board members reiterated that the central bank will keep the doors open for further easing of the monetary policy if needed to offset the impact of weaker global conditions on the Australian economy. The minutes also indicated that record-low rates and a weaker Australian dollar have supported consumer spending and house building in the nation.
The pair is expected to find support at 0.7137, and a fall through could take it to the next support level of 0.7109. The pair is expected to find its first resistance at 0.7186, and a rise through could take it to the next resistance level of 0.7207.
Looking ahead, market participants will keep a close eye on Australia’s Westpac leading index data for January, set to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
