Fundamental Analysis

RBA Far From Considering An Imminent Interest Rate Hike: RBA's Lowe

Typography

For the 24 hours to 23:00 GMT, the AUD declined 1.28% against the USD and closed at 0.7927.

Yesterday, the Reserve Bank of Australia (RBA) Governor, Philip Lowe, stated that rising global interest rates have no automatic implications for Australia and added that the central bank is in no hurry to consider an interest rate hike in the near-term.

LME Copper prices declined 1.7% or $112.5/MT to $6407.5/MT. Aluminium prices declined 0.5% or $10.0/MT to $2154.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7926, with the AUD trading slightly lower against the USD from yesterday's close.

The pair is expected to find support at 0.7886, and a fall through could take it to the next support level of 0.7846. The pair is expected to find its first resistance at 0.7988, and a rise through could take it to the next resistance level of 0.8050.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

Author: GCI FinancialWebsite: http://www.gcitrading.com/
GCI Financial
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