For the 24 hours to 23:00 GMT, the AUD rose 0.26% against the USD and closed at 0.7419.
LME Copper prices rose 1.2% or $66.0/MT to $5586.0/MT. Aluminium prices rose 1.0% or $19.5/MT to $1899.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7408, with the AUD trading 0.15% lower against the USD from yesterday’s close.
According to minutes of the Reserve Bank of Australia’s (RBA) recent meeting, policy makers noted that both the labour and housing markets in Australia warranted ‘careful monitoring.’ Also, policymakers reiterated views that interest rates will stay at record low for the foreseeable future.
The pair is expected to find support at 0.7379, and a fall through could take it to the next support level of 0.7351. The pair is expected to find its first resistance at 0.7441, and a rise through could take it to the next resistance level of 0.7475.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
