AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.49% against the USD to close at 0.7514.
LME Copper prices rose 1.07% or $53.0/MT to $4994.0/MT. Aluminium prices declined 1.03% or $16.0/MT to $1532.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7493, with the AUD trading 0.28% lower from yesterday’s close.
Early this morning, the RBA’s March meeting minutes indicated that the central bank remains relaxed about Australia’s consumer and housing-led economic rebalancing and saw reasonable prospects for continued economic growth. However, the nation’s labour market remains the RBA’s focus over the coming months. Further, the central bank noted that continued low inflation would provide scope for further easing.
The pair is expected to find support at 0.745, and a fall through could take it to the next support level of 0.7407. The pair is expected to find its first resistance at 0.7565, and a rise through could take it to the next resistance level of 0.7638.
Going ahead, investors will look forward to Australia’s Westpac leading index data for February, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
