AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD traded marginally lower against the USD to close at 0.7689.
LME Copper prices rose 1.25% or $74.0/MT to $5989.0/MT. Aluminium prices rose 1.62% or $27.5/MT to $1723.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7649, with the AUD trading 0.52% lower from yesterday’s close.
The RBA Governor, Glenn Steven, in his speech, mentioned that the central bank will remain open to lower interest rates in future in order to boost the economy, as the outlook for economic growth remained soft.
Earlier today, data showed that Australia’s Westpac consumer confidence index fell 6.90% to a level of 95.30 in June. The index had recorded a reading of 102.40 in the previous month.
The pair is expected to find support at 0.7621, and a fall through could take it to the next support level of 0.7593. The pair is expected to find its first resistance at 0.7698, and a rise through could take it to the next resistance level of 0.7746.
Going forward, market participants will closely monitor Australia’s unemployment rate data, scheduled in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
