AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.22% against the USD and closed at 0.7622.
Yesterday, the Reserve Bank of Australia (RBA) Governor, Philip Lowe, remained upbeat on the nation’s economy and stated that he expects economic growth and inflation to move gradually higher and added that the Australian economy is likely to return to reasonable growth in the fourth quarter of 2016.
LME Copper prices declined 0.03% or $2.0/MT to $5863.0/MT. Aluminium prices rose 1.0% or $18.0/MT to $1839.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7650, with the AUD trading 0.37% higher against the USD from yesterday’s close.
The RBA, in its quarterly statement on monetary policy, trimmed its near-term growth forecasts, while leaving inflation estimates broadly unchanged. However, the bank remained upbeat about the future. The central bank expects growth of 1.5% to 2.5% in the year to June 2017.
The pair is expected to find support at 0.7615, and a fall through could take it to the next support level of 0.7581. The pair is expected to find its first resistance at 0.7674, and a rise through could take it to the next resistance level of 0.7699.
Next week, investors will focus on the release of Australia’s unemployment rate, consumer inflation expectations, NAB business confidence and Westpac consumer confidence data.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
