AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.26% against the USD and closed at 0.7041.
LME Copper prices rose 0.8% or $47.5/MT to $5997.5/MT. Aluminium prices rose 0.6% or $10.5/MT to $1810.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7038, with the AUD trading slightly lower against the USD from yesterday’s close.
The Reserve Bank of Australia (RBA), in its July monetary policy meeting minutes, reiterated that it is prepared to alter interest rates “if needed” and would continue to monitor labour market for further developments in order to support economic growth and achieve the inflation target.
The pair is expected to find support at 0.7025, and a fall through could take it to the next support level of 0.7011. The pair is expected to find its first resistance at 0.7048, and a rise through could take it to the next resistance level of 0.7057.
Going ahead, investors would closely monitor Australia’s Westpac leading index for June, scheduled to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
