AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.65% against the USD to close at 0.9493, following the RBA’s decision to keep its interest rate on hold at 2.5% in June.
LME Copper prices rose 0.9% or $60.0/MT to $7015.0/MT. Aluminium prices declined 0.7% or $13.0/MT to $1837.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9458, with the AUD trading 0.37% lower from yesterday’s close, after data revealed that Australia’s trade deficit widened sharply to a seasonally adjusted A$1.91 billion in May, compared to a revised deficit of A$780.00 million in April.
The pair is expected to find support at 0.9412, and a fall through could take it to the next support level of 0.9365. The pair is expected to find its first resistance at 0.9506, and a rise through could take it to the next resistance level of 0.9553.
Later today, traders would keenly await a planned speech by the RBA Assistant Governor, Guy Debelle and AiG Performance of Services data, for further cues in the Aussie.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
