AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.14% against the USD and closed at 0.7684.
LME Copper prices rose 1.1% or $63.0/MT to $6002.0/MT. Aluminium prices rose 0.7% or $12.5/MT to $1878.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7672, with the AUD trading 0.16% lower from yesterday’s close.
The RBA sounded optimistic on the outlook for the Australian economy and that current interest rate settings are consistent with its desire for faster economic growth and higher inflation. It further added that the nation’s third quarter contraction reflected some temporary factors, including disruptions to coal supply and bad weather. Further, the central bank predicts that rising resource exports in a more positive global environment will spur growth in Australia as the drag from falling mining investment wanes, indicating that further interest rate cuts were off the table.
The pair is expected to find support at 0.7658, and a fall through could take it to the next support level of 0.7645. The pair is expected to find its first resistance at 0.7688, and a rise through could take it to the next resistance level of 0.7705.
Looking ahead, market participants will focus on the RBA Governor, Philip Lowe’s speech, scheduled tonight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
