AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.32% against the USD and closed at 0.7213.
LME Copper prices rose 1.5% or $97.0/MT to $6,439.5/MT. Aluminium prices declined 0.6% or $10.5/MT to $1,719.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7214, with the AUD trading slightly higher against the USD from yesterday’s close.
The Reserve Bank of Australia (RBA), in its latest monetary policy meeting minutes, indicated that it does not see a need to further ease policy for now as its package of measures were working “broadly as expected” with an economic recovery underway in most of parts of the country. However, members agreed to continue assessing the evolving situation in Australia and did not rule out adjusting the current package if circumstances warranted.
The pair is expected to find support at 0.7180, and a fall through could take it to the next support level of 0.7146. The pair is expected to find its first resistance at 0.7239, and a rise through could take it to the next resistance level of 0.7264.
Moving ahead, traders would keep an eye 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.
