AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.52% against the USD and closed at 0.7487.
LME Copper prices rose 0.49% or $27.0/MT to $5586.5/MT. Aluminium prices rose 0.05% or $1.0/MT to $1917.5/MT.
Overnight macro data showed that Australia’s seasonally adjusted current account deficit narrowed to A$3.1 billion in 1Q 2017, following a revised current account deficit of A$3.5 billion in the prior quarter. However, the data missed market expectations for a drop to a level of A$0.5 billion.
In the Asian session, at GMT0300, the pair is trading at 0.7470, with the AUD trading 0.23% lower from yesterday’s close.
Early today, the Reserve Bank of Australia (RBA) left the official cash rate unchanged at a record low 1.50% for the 10th consecutive month, as widely expected, while noting that some economic indicators such as wages showed signs of lagging.
The pair is expected to find support at 0.7444, and a fall through could take it to the next support level of 0.7418. The pair is expected to find its first resistance at 0.7497, and a rise through could take it to the next resistance level of 0.7524.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
