For the 24 hours to 23:00 GMT, the AUD declined 0.38% against the USD and closed at 0.6855.

LME Copper prices declined 0.9% or $49.0/MT to $5756.0/MT. Aluminium prices declined 1.0% or $17.5/MT to $1719.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6843, with the AUD trading 0.18% lower against the USD from yesterday’s close.

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The minutes of the Reserve Bank of Australia’s (RBA) June monetary policy meeting showed that policymakers are considering lowering interest rates in the near-term and reiterated that labour market developments are significant for deciding further easing of the monetary policy.

The pair is expected to find support at 0.6827, and a fall through could take it to the next support level of 0.6811. The pair is expected to find its first resistance at 0.6872, and a rise through could take it to the next resistance level of 0.6901.

Moving forward, traders would closely monitor Australia’s Westpac leading index for May slated to release overnight.

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


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