AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD slightly declined against the USD and closed at 0.6910.
LME Copper prices declined 0.7% or $40.0/MT to $5985.0/MT. Aluminium prices declined 3.5% or $64.0/MT to $1786.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6912, with the AUD trading marginally higher against the USD from yesterday’s close.
The minutes of the Reserve Bank of Australia’s (RBA) May monetary policy meeting showed that the policymakers would consider trimming the interest rate, if no improvement in the labour market is observed. Further, the central bank highlighted downside risks to the household consumption growth and global economy.
The pair is expected to find support at 0.6899, and a fall through could take it to the next support level of 0.6887. The pair is expected to find its first resistance at 0.6929, and a rise through could take it to the next resistance level of 0.6947.
Going ahead, traders would keep an eye on Australia’s Westpac leading index for April, set to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
