AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.15% against the USD and closed at 0.6887.
LME Copper prices rose 0.8% or $46.5/MT to $5895.0/MT. Aluminium prices rose 0.8% or $13.5/MT to $1746.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6895, with the AUD trading 0.12% higher against the USD from yesterday’s close.
The Reserve Bank of Australia’s Governor, Philip Lowe, stated that the bank is likely to cut interest rates to achieve higher employment growth and get inflation back to a more comfortable level.
The pair is expected to find support at 0.6864, and a fall through could take it to the next support level of 0.6832. The pair is expected to find its first resistance at 0.6918, and a rise through could take it to the next resistance level of 0.6940.
Looking forward, traders would closely monitor Australia’s CBA manufacturing and services PMI for June, scheduled to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
