AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 1.02% against the USD to close at 0.7718, following downbeat comments from the RBA Governor, Glenn Stevens, after he raised prospects of further interest rate cuts, to rebalance Australian economy that was struggling to grow.
LME Copper prices declined 1.30% or $79.0/MT to $6002.0/MT. Aluminium prices rose 0.68% or $12.5/MT to $1858.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7693, with the AUD trading 0.32% lower from yesterday’s close.
Earlier today, the minutes from the RBA’s recent monetary policy meeting signalled that another rate cut was on the cards, but also suggested that the central bank will wait for more economic data till its next board meeting scheduled in May before making the decision.
The pair is expected to find support at 0.7641, and a fall through could take it to the next support level of 0.7589. The pair is expected to find its first resistance at 0.7787, and a rise through could take it to the next resistance level of 0.788.
Going forward, investors would closely monitor Australia’s crucial Q1 CPI data, scheduled in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
