AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.49% against the USD and closed at 0.6967.
LME Copper prices rose 0.5% or $27.0/MT to $5999.0/MT. Aluminium prices rose 0.3% or $4.5/MT to $1778.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6977, with the AUD trading 0.14% higher against the USD from yesterday’s close.
The Reserve Bank of Australia’s (RBA) slashed its benchmark interest rate for the second consecutive month to 1.00% from 1.25%, as widely expected in a move to support economic momentum.
The pair is expected to find support at 0.6953, and a fall through could take it to the next support level of 0.6928. The pair is expected to find its first resistance at 0.7005, and a rise through could take it to the next resistance level of 0.7032.
Going forward, traders would await Australia’s AiG performance of service index, the CBA services PMI, both for June along with building approvals and trade balance data for May, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
