AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.38% against the USD and closed at 0.6801.
LME Copper prices rose 1.2% or $66.0/MT to $5761.0/MT. Aluminium prices declined 0.3% or $4.5/MT to $1751.5/MT.
Separately, the Reserve Bank of Australia’s (RBA) Governor, Philip Lowe, in his speech, raised possibilities for a rate cut in the upcoming meeting and stated that the economy could observe an extended period of low interest rates. However, Lowe stated that earlier rate cuts were aimed at lowering unemployment and push inflation back to its target range of 2-3%.
In the Asian session, at GMT0300, the pair is trading at 0.6796, with the AUD trading 0.07% lower against the USD from yesterday’s close.
The pair is expected to find support at 0.6774, and a fall through could take it to the next support level of 0.6752. The pair is expected to find its first resistance at 0.6812, and a rise through could take it to the next resistance level of 0.6828.
In absence of key economic releases in Australia today, investor sentiment would be determined by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
