AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.1% against the USD and closed at 0.7655.
LME Copper prices declined 0.9% or $50.0/MT to $5786.0/MT. Aluminium prices rose 0.2% or $3.5/MT to $1812.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7671, with the AUD trading 0.21% higher against the USD from yesterday’s close, after the Reserve Bank of Australia (RBA), in its first meeting of the year, kept the benchmark interest rate unchanged at 1.5%, as widely expected, while noting better economic conditions in the nation.
The board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the Australian economy and to achieve the inflation target over time. The RBA stuck to its earlier forecasts for economic growth to come in around 3.0% annually for “the next couple of years” and that inflation would pick up to above its 2.0% target over the course of this year.
In other economic news, Australia’s AIG performance of construction index rose to a level of 47.7 in January, compared to a level of 47.0 in the prior month.
The pair is expected to find support at 0.7638, and a fall through could take it to the next support level of 0.7606. The pair is expected to find its first resistance at 0.7689, and a rise through could take it to the next resistance level of 0.7708.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
