AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.05% against the USD and closed at 0.7418.
LME Copper prices declined 0.4% or $23.0/MT to $6143.0/MT. Aluminium prices rose 1.3% or $28.0/MT to $2130.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7416, with the AUD trading marginally lower against the USD from yesterday’s close.
The minutes of the Reserve Bank of Australia’s (RBA) July monetary policy meeting indicated that the policymakers expressed growing concerns on high domestic debts and ongoing global trade war. The central bank agreed for a rate hike but are in no rush for a near-term move.
The pair is expected to find support at 0.7398, and a fall through could take it to the next support level of 0.7380. The pair is expected to find its first resistance at 0.7438, and a rise through could take it to the next resistance level of 0.7460.
Trading trends in Aussie will be determined by Australia’s Westpac leading index for June, slated to be released overnight.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
