For the 24 hours to 23:00 GMT, the AUD strengthened 0.74% against the USD to close at 0.9347, following the RBA’s interest rate decision.
Yesterday, the Paris-based OECD projected the Australian economy to grow 2.5% in 2014, before registering a growth of 3.0% in 2015. Additionally, the agency highlighted its expectations for the unemployment rate in Australia to peak to 6.1% this year and edge lower only in the second half of 2015.
LME Copper prices rose 0.6% or $41.0/MT to $6740.0/MT. Aluminium prices advanced 0.7% or $13.0/MT to $1749.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9343, with the AUD trading slightly lower from yesterday’s close.
On the economic front, the AiG performance of construction index in Australia fell to 45.9 points in April, compared with 46.2 points in March while Australian retail sales rose less-than-expected 0.1% (MoM) in March, following a revised 0.3% (MoM) increase in the preceding month.
The pair is expected to find support at 0.9285, and a fall through could take it to the next support level of 0.9226. The pair is expected to find its first resistance at 0.9386, and a rise through could take it to the next resistance level of 0.9428.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.