AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.55% against the USD to close at 1.0732.
In the Asian session, at GMT0400, the pair is trading at 1.0718, with the AUD trading 0.13% lower from yesterday’s close.
In the Minutes of the February 7th monetary policy meeting, the Reserve Bank Board decided to leave the cash rate unchanged at 4.25%. The Board stated that growth is expected to be close to trend and inflation consistent with the target, while the outlook for GDP growth would be close to trend over the next couple of years.
Copper prices rose 0.75% to close at $8230.50/MT. Aluminium closed 0.65% higher at $2135.25/MT.
The pair is expected to find support at 1.0666, and a fall through could take it to the next support level of 1.0615. The pair is expected to find its first resistance at 1.0782, and a rise through could take it to the next resistance level of 1.0847.
Economic releases taking center stage today in Australia includes Conference Board Leading Index and Westpac Leading Index.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
