For the 24 hours to 23:00 GMT, the AUD declined 0.10% against the USD and closed at 0.6767.
LME Copper prices rose 0.8% or $45.5/MT to $5755.5/MT. Aluminium prices rose 0.4% or $7.0/MT to $1762.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6782, with the AUD trading 0.22% higher against the USD from yesterday’s close.
The minutes of the Reserve Bank of Australia’s (RBA) August monetary policy meeting showed that policymakers would consider easing its monetary policy further in coming months in order to achieve sustainable growth and inflation. Further, the policymakers discussed unconventional monetary policy measures, amid growing concerns over trade tensions and fears of economic slowdown.
The pair is expected to find support at 0.6762, and a fall through could take it to the next support level of 0.6741. The pair is expected to find its first resistance at 0.6796, and a rise through could take it to the next resistance level of 0.6809.
Moving ahead, traders would await Australia’s Westpac leading index for July, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
