AUD/USD: Aussie extends its losses in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.25% against the USD and closed at 0.6887.

LME Copper prices rose 2.0% or $113.5/MT to $5,759.5/MT. Aluminium prices climbed 1.8% or $27.5/MT to $1,573.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6865, with the AUD trading 0.32% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s Westpac leading index rose 0.2% on a monthly basis in May, compared to a fall of 1.5% in the previous month. Meanwhile, new home sales fell 4.2% on a monthly basis in April, compared to a drop 1.1% in the previous month.

The pair is expected to find support at 0.6807, and a fall through could take it to the next support level of 0.6749. The pair is expected to find its first resistance at 0.6950, and a rise through could take it to the next resistance level of 0.7035.

Moving ahead, traders would keep a watch on Australia’s unemployment rate for May, slated to release overnight.

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

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