AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.61% against the USD and closed at 0.7471.
LME Copper prices rose 2.01% or $115.5/MT to $5851.5/MT. Aluminium prices rose 0.76% or $13.0/MT to $1728.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7458, with the AUD trading 0.17% lower against the USD from yesterday’s close.
Early this morning, the Reserve Bank of Australia (RBA), in its latest monetary policy meeting, maintained its key interest rate steady at 1.50%, meeting market expectations. In a post-meeting statement, the RBA stated that “taking account of the available information, and having eased monetary policy earlier in the year, the policymakers found it prudent to hold the stance of policy unchanged at this meeting as it would be consistent with sustainable growth in the economy and achieving the inflation target over time”. Further, it acknowledged that the Australian economy is continuing its transition following the mining investment boom, with subdued outlook for business investment, although measures of business sentiment remain above average.
The pair is expected to find support at 0.7412, and a fall through could take it to the next support level of 0.7365. The pair is expected to find its first resistance at 0.7501, and a rise through could take it to the next resistance level of 0.7543.
Investors would turn their attention to Australia’s 3Q GDP and AiG performance of construction index, scheduled to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
