AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.40% against the USD to close at 1.0284, after Reserve Bank of Australia (RBA) kept its benchmark interest rate steady at 3.5%, in line with the market expectation.
LME Copper prices rose 1.7% or $130.0/MT to $7777.5/ MT. Aluminium prices rose 2.3% or $43.8/MT to $1910.5/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0291, with the AUD trading 0.07% higher from yesterday’s close, after the release of positive economic data in Australia.
In Australia, AiG performance of services index rose to 48.8 in June, compared to a reading of 43.5 in May. Separately, retail sales on a seasonally adjusted basis rose 0.5% (MoM) in May, surpassing market expectation of 0.2% rise.
The pair is expected to find support at 1.0251, and a fall through could take it to the next support level of 1.021. The pair is expected to find its first resistance at 1.0326, and a rise through could take it to the next resistance level of 1.0360.
The currency pair is trading above its 20 Hr and 50 Hr moving average.
