AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.25% against the USD to close at 0.9264, as the RBA’s decided to keep its interest rate on hold at 2.5% in June. However, following the interest-rate decision, the RBA Governor, Glenn Stevens reiterated that the Aussie still remained at elevated levels by historical standards, acting as an impediment in rebalancing the economy’s growth.
LME Copper prices fell 1.0% or $73.0/MT to $6930.0/MT. Aluminium prices declined 0.8% or $14.0/MT to $1802.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9264, with the AUD trading flat from yesterday’s close.
Earlier today, the Australian Bureau of Statistics reported that the Australian economy grew at an annual pace of 3.5% in the first quarter, more than economists’ expectations and compared to a 2.7% growth recorded in the preceding quarter. Separately, another report revealed that the AiG performance of service index in Australia rose by 1.3 points to 49.9 in May but failed to land in the expansion territory, a level above the threshold mark of 50.0.
The pair is expected to find support at 0.9231, and a fall through could take it to the next support level of 0.9197. The pair is expected to find its first resistance at 0.9299, and a rise through could take it to the next resistance level of 0.9333.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
