For the 24 hours to 23:00 GMT, the AUD declined 0.44% against the USD and closed at 0.6946.
The Reserve Bank of Australia (RBA), in its interest rate decision, kept its key interest rate unchanged at 0.25%, as widely expected and pledged not to raise interest rate until progress is made. Moreover, the central bank stated that it is ready to increase its bond purchases and use all tools to support economy. Further, the RBA indicated that the employment conditions have “stabilised” recently and the economic downturn has been “less severe than earlier expected”. However, the nature and speed of the economic recovery was “highly uncertain”.
LME Copper prices declined 0.4% or $26.0/MT to $6,086.0/MT. Aluminium prices rose 0.2% or $3.5/MT to $1,596.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6943, with the AUD trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 0.6917, and a fall through could take it to the next support level of 0.6892. The pair is expected to find its first resistance at 0.6973, and a rise through could take it to the next resistance level of 0.7004.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
