AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.13% against the USD and closed at 0.7713.
LME Copper prices declined 1.9% or $131.5/MT to $6791.5/MT. Aluminium prices rose 0.1% or $1.5/MT to $2070.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7708, with the AUD trading 0.06% lower against the USD from yesterday’s close.
According to minutes of the Reserve Bank of Australia’s (RBA) latest meeting, officials remained optimistic on the outlook for Australian economy, citing a robust improvement in global economy. However, the central bank expressed uncertainty over the outlook for household consumption and weak wage growth.
The pair is expected to find support at 0.7688, and a fall through could take it to the next support level of 0.7668. The pair is expected to find its first resistance at 0.7727, and a rise through could take it to the next resistance level of 0.7746.
Moving ahead, Australia’s Westpac leading index for February, slated to release overnight, will be on investors’ radar.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
