AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.58% against the USD and closed at 0.7107.
LME Copper prices declined 0.17% or $7.5/MT to $4534.0/MT. Aluminium prices declined 0.62% or $9.5/MT to $1520.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7092, with the AUD trading 0.21% lower from yesterday’s close.
Earlier today, the RBA kept the interest rate steady at 2.0%, in line with market expectations. In a statement issued after the meeting, the RBA Governor, Glenn Stevens stated that, the central bank will judge the global financial turmoil along with Chinese economic slowdown and its effects on the economy and will keep the doors open for a rate cut in the near future. However, the Governor was vocal regarding the recent market volatility and persistently low domestic inflation.
The pair is expected to find support at 0.7056, and a fall through could take it to the next support level of 0.702. The pair is expected to find its first resistance at 0.713, and a rise through could take it to the next resistance level of 0.7167.
Looking ahead, investors will keep a close watch on Australia’s trade and building permits data, scheduled to be released tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
