AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.66% against the USD and closed at 0.6817.
LME Copper prices rose 0.03% or $1.5/MT to $5855.5/MT. Aluminium prices rose 0.2% or $4.0/MT to $1789.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6839, with the AUD trading 0.32% higher against the USD from yesterday’s close.
The Reserve Bank of Australia, in its latest monetary policy meeting, kept to its interest rate steady at 0.75%, as widely expected and decided to maintain the rates at the current levels till February 2020. In a statement post meeting, the Governor Philip Lowe stated that the global economic prospects remain rational and the risks continue to remain subdued.
The pair is expected to find support at 0.6793, and a fall through could take it to the next support level of 0.6748. The pair is expected to find its first resistance at 0.6863, and a rise through could take it to the next resistance level of 0.6888.
Moving forward, traders would closely monitor Australia’s gross domestic product for the 3Q 2019, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
