AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.46% against the USD and closed at 0.7420.
LME Copper prices rose 1.5% or $92.0/MT to $6132.0/MT. Aluminium prices rose 1.3% or $26.0/MT to $2026.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7427, with the AUD trading 0.09% higher against the USD from yesterday’s close.
The Reserve Bank of Australia’s (RBA) Governor, Philip Lowe, stated that he expects the economy to record good growth, the unemployment rate to come down gradually and inflation to reach the 2.5% target midpoint in 2020. Further, he reiterated that the board does not see a strong case for a near-term policy change.
Elsewhere in China, Australia’s largest trading partner, trade surplus narrowed more than expectations to $28.1 in July, compared to a revised surplus of $41.5 billion in the prior month. Market participants had envisaged the surplus to narrow to $39.1 billion
The pair is expected to find support at 0.7397, and a fall through could take it to the next support level of 0.7366. The pair is expected to find its first resistance at 0.7449, and a rise through could take it to the next resistance level of 0.7470.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
