AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.06% against the USD to close at 0.7374.
LME Copper prices declined 0.73% or $40.0/MT to $5425.0/MT. Aluminium prices declined 1.62% or $27.0/MT to $1636.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.737, with the AUD trading a tad lower from yesterday’s close.
Early this morning, the RBA’s recent monetary policy meeting minutes showed that interest rate in Australia would remain steady for now at a record low 2.0%, as the unemployment rate has been relatively stable at 6.0%. Additionally, the central bank noted that any changes in the nation’s current economic policy would be determined by the incoming economic data.
The pair is expected to find support at 0.7332, and a fall through could take it to the next support level of 0.7294. The pair is expected to find its first resistance at 0.7404, and a rise through could take it to the next resistance level of 0.7437.
Meanwhile, Australia’s consumer price inflation data along with the speech of the RBA Governor, Glenn Steven, scheduled tomorrow, would be closely watched by investors to get better insights in the Australian economy.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
