AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.32% against the USD and closed at 0.7129.
LME Copper prices rose 1.3% or $79.5/MT to $6269.5/MT. Aluminium prices declined 0.3% or $6.0/MT to $1822.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7108, with the AUD trading 0.29% lower against the USD from yesterday’s close.
The Reserve Bank of Australia, in its February meeting minutes, reiterated that the central bank is unlikely to change its interest rate in the near future. Meanwhile, the board members would keep a close watch on economic conditions and interest rates. However, the bank warned over weakness in the housing market and downside risks to the economic outlook.
The pair is expected to find support at 0.7090, and a fall through could take it to the next support level of 0.7073. The pair is expected to find its first resistance at 0.7143, and a rise through could take it to the next resistance level of 0.7179.
Looking ahead, traders would await Australia’s Westpac leading index for January, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
