AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.58% against the USD and closed at 0.7529.
LME Copper prices declined 0.21% or $14.0/MT to $6783.0/MT. Aluminium prices declined 1.11% or $25.0/MT to $2224.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7541, with the AUD trading 0.16% higher against the USD from yesterday’s close.
Earlier today, the Reserve Bank of Australia (RBA), at its May monetary policy meeting, opted to keep the benchmark interest rate steady at 1.50%, meeting market expectations.
Separately, overnight data indicated that Australia’s AiG performance of manufacturing index dropped to a level of 58.3 in April, compared to a reading of 63.1 in the previous month.
The pair is expected to find support at 0.7519, and a fall through could take it to the next support level of 0.7498. The pair is expected to find its first resistance at 0.7568, and a rise through could take it to the next resistance level of 0.7596.
Going ahead, traders would closely monitor a speech by the RBA Governor, Philip Lowe, due in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
