For the 24 hours to 23:00 GMT, the AUD declined 8.17% against the USD and closed at 0.6340.
LME Copper prices declined 0.1% or $6.0/MT to $5,169.5/MT. Aluminium prices fell 2.1% or $31.0/MT to $1,451.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6295, with the AUD trading 0.71% lower against the USD from yesterday’s close, after the Reserve Bank of Australia (RBA) in its minutes indicated that it would maintain its current loose monetary policy.
The RBA, in its meeting minutes, revealed that it would not increase the cash rate target until progress is made towards full employment and it is confident that inflation would be sustainably within the 2%–3% target band. Additionally, the board remained committed to supporting jobs, incomes and businesses. Furthermore, the central bank assured that it would continue to do what was necessary to achieve the three-year yield target. However, the bank warned that the economy could shrink “significantly” in the June quarter and remain “subdued” through September, due to the coronavirus outbreak.
The pair is expected to find support at 0.6254, and a fall through could take it to the next support level of 0.6212. The pair is expected to find its first resistance at 0.6367, and a rise through could take it to the next resistance level of 0.6438.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
