AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.56% against the USD and closed at 0.7345.
LME Copper prices rose 2.0% or $119.0/MT to $5963.0/MT. Aluminium prices climbed 1.7% or $34.0/MT to $2033.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7350, with the AUD trading 0.07% higher against the USD from yesterday’s close.
The minutes of the Reserve Bank of Australia’s (RBA) August monetary policy meeting indicated that the current monetary policy stance would continue to support economic growth and that there is no strong case for near-term policy adjustment. Further, the minutes indicated that the current 1.50% rate is necessary for sustainable economic growth and does not see inflation to pick up until 2019 or 2020.
The pair is expected to find support at 0.7313, and a fall through could take it to the next support level of 0.7275. The pair is expected to find its first resistance at 0.7371, and a rise through could take it to the next resistance level of 0.7391.
Looking ahead, market participants would keep a close watch on Australia’s Westpac leading index for July, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
