AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 4.14% against the USD and closed at 0.6618.
LME Copper prices declined 0.6% or $33.0/MT to $5,308.5/MT. Aluminium prices rose 1.2% or $18.0/MT to $1,504.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6621, with the AUD trading 0.05% higher against the USD from yesterday’s close.
Reserve Bank of Australia’s (RBA) Governor Philip Lowe, in his speech, stated that the mid-March stimulus package to combat the impact of coronavirus was working “as expected”. He suggested that country’s economic downturn would likely not be as severe as earlier thought. Moreover, he stated that the Federal Government’s JobKeeper scheme may need to be extended beyond its initial six-month period to support recovery.
The pair is expected to find support at 0.6566, and a fall through could take it to the next support level of 0.6511. The pair is expected to find its first resistance at 0.6678, and a rise through could take it to the next resistance level of 0.6735.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
