AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.33% against the USD to close at 0.7760.
LME Copper prices declined 2.17% or $128.0/MT to $5760.5/MT. Aluminium prices declined 2.41% or $41.0/MT to $1660.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7765, with the AUD trading 0.06% higher from yesterday’s close.
Earlier today, the minutes of the RBA from its latest monetary policy meeting revealed that it was appropriate to keep interest rates unchanged and the central bank would assess whether the current monetary policy would result in sustainable growth in economic activity and a rise in inflation level in the nation. Additionally, the monetary policy should be accommodative with respect to the current domestic and international economic condition. The minutes also suggested that the high level of the Aussie continued to dampen the nation’s economic growth.
The pair is expected to find support at 0.7719, and a fall through could take it to the next support level of 0.7672. The pair is expected to find its first resistance at 0.7796, and a rise through could take it to the next resistance level of 0.7827.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
