AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened marginally against the USD to close at 0.7371.
LME Copper prices declined 1.07% or $55.0/MT to $5101.0/MT. Aluminium prices declined 1.10% or $17.0/MT to $1523.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7375, with the AUD trading 0.05% higher from yesterday’s close.
Earlier today, the RBA’s minutes for the latest policy meeting indicated that a weaker AUD is aiding in the growth of the Australian economy. It further stated that it expects that US Fed’s interest rate hike would further depreciate the Australian dollar.
The pair is expected to find support at 0.7349, and a fall through could take it to the next support level of 0.7322. The pair is expected to find its first resistance at 0.7396, and a rise through could take it to the next resistance level of 0.7417.
Market participants would now keenly await for the release of Australia’s Westpac leading index for July, due in the early hours of tomorrow.
The currency pair is trading convergence with its 20 Hr and 50 Hr moving averages.
