AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 7.81% against the USD and closed at 0.6365 on Friday.
LME Copper prices rose 1.5% or $77.0/MT to $5,175.5/MT. Aluminium prices climbed 0.4% or $6.5/MT to $1,482.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6342, with the AUD trading 0.36% lower against the USD from Friday’s close.
Elsewhere, in China, the People’s Bank of China (PBoC), in latest interest rate decision, lowered its benchmark interest rates by 20 bps to a record low of 3.85% from 4.05%, citing widespread disruptions to businesses and activities from the COVID-19 crisis.
The pair is expected to find support at 0.6311, and a fall through could take it to the next support level of 0.628. The pair is expected to find its first resistance at 0.6377, and a rise through could take it to the next resistance level of 0.6412.
Moving ahead, traders would keep a watch on Reserve Bank of Australia’s meeting minutes, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
