AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.51% against the USD and closed at 0.7570.
LME Copper prices rose 0.39% or $9.0/MT to $7200.5/MT. Aluminium prices declined 0.32% or $23.0/MT to $2309.00/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7563, with the AUD trading 0.09% lower against the USD from yesterday’s close, following the Reserve Bank of Australia’s (RBA) Governor, Philip Lowe. The RBA Governor, Lowe stated that interest rates would stay low for a longer period, citing the slack in wage growth and consumer prices.
Overnight data revealed that Australia’s Westpac consumer confidence index climbed 0.6% on monthly basis to a level of 102.1 in June, compared to a level of 101.8 in the prior month.
The pair is expected to find support at 0.7541, and a fall through could take it to the next support level of 0.7518. The pair is expected to find its first resistance at 0.7605, and a rise through could take it to the next resistance level of 0.7646.
Moving forward, traders would closely monitor Australia’s consumer inflation expectations for June and unemployment rate for May, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
