AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.60% against the USD to close at 0.9053, after the Reserve Bank of Australia (RBA) refrained from altering the nation’s benchmark interest rate and provided no hints on further rate cuts. The RBA kept its interest rate unchanged at the all-time low of 2.5%, at par with market estimates.
LME Copper prices rose 0.1% or $8.0/MT to $7183.5/MT. Aluminium prices gained 0.5% or $9.0/MT to $1773.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9097, with the AUD trading 0.49% higher from yesterday’s close. Earlier today, an official data revealed that the Australian economy grew 2.6% (YoY) during the second quarter, surpassing market estimates for a growth of 2.5% and compared to a 2.5% growth registered in the previous quarter. Separately, another report showed that the HSBC China services PMI advanced to a reading of 52.8 in August, following a level of 51.3 registered in the previous month.
The pair is expected to find support at 0.9014, and a fall through could take it to the next support level of 0.8932. The pair is expected to find its first resistance at 0.9143, and a rise through could take it to the next resistance level of 0.9190.
With no major economic releases from Australia, traders are expected to keep a close watch on global economic news for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
