AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.14% against the USD and closed at 0.7600.
LME Copper prices declined 2.15% or $106.5/MT to $4839.0/MT. Aluminium prices declined 2.2% or $37.0/MT to $1645.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7525, with the AUD trading 0.99% lower from yesterday’s close.
Early this morning, the minutes of the Reserve Bank of Australia’s (RBA) recent monetary policy meeting indicated that policymakers were concerned that continuous strength in the Australian dollar could throw a wrench into the country’s economic recovery. The policymakers also felt that it would be appropriate to wait for additional data on nation’s growth, employment and inflation to determine further path on interest rate cuts.
The pair is expected to find support at 0.7485, and a fall through could take it to the next support level of 0.7444. The pair is expected to find its first resistance at 0.7586, and a rise through could take it to the next resistance level of 0.7646.
Going ahead, investors will look forward to Australia’s Westpac leading index data for May, scheduled to release tonight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
