AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.30% against the USD and closed at 0.6977.
LME Copper prices rose 0.2% or $12.0/MT to $5980.0/MT. Aluminium prices rose marginally or $0.5/MT to $1795.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6981, with the AUD trading 0.06% higher against the USD from yesterday’s close.
The Reserve Bank of Australia’s Governor, Philip Lowe, in his speech, stated that the central bank was prepared to provide additional policy stimulus, by easing monetary policy further, if needed. Further, he stated that the economy would observe a prolonged period of low rates and indicated that the board is strongly committed to bring inflation back to the target between 2% and 3%.
The pair is expected to find support at 0.6972, and a fall through could take it to the next support level of 0.6964. The pair is expected to find its first resistance at 0.6990, and a rise through could take it to the next resistance level of 0.7000.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
