AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 3.64% against the USD and closed at 0.6690.
LME Copper prices rose 0.5% or $25.0/MT to $5,595.0/MT. Aluminium prices declined 0.9% or $15.0/MT to $1,694.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6716, with the AUD trading 0.39% higher against the USD from yesterday’s close.
The Reserve Bank of Australia (RBA), in its policy meeting, kept its benchmark interest rate unchanged at 0.75%, as widely expected. The central bank stated that interest rates are set to remain low for an extended period so as to reach full employment and achieve the inflation target. However, members indicated that the bank was prepared to ease monetary policy further if needed to support sustainable growth in the economy.
The pair is expected to find support at 0.6688, and a fall through could take it to the next support level of 0.6661. The pair is expected to find its first resistance at 0.6734, and a rise through could take it to the next resistance level of 0.6753.
Looking ahead, investors would focus on Australia’s Commonwealth Bank services PMI for January, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
