AUD/USD: Aussie trading higher in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.69% against the USD and closed at 0.6869 on Friday.

Industrial production in China, Australia’s largest trading partner, advanced 5.0% on a yearly basis in May, undershooting market expectations for a gain of 5.4%. In the preceding month, industrial production had registered a rise of 5.4%.

LME Copper prices rose 0.1% or $8.0/MT to $5805.5/MT. Aluminium prices declined 1.1% or $19.0/MT to $1737.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6882, with the AUD trading 0.19% higher against the USD from Friday’s close.

The pair is expected to find support at 0.6860, and a fall through could take it to the next support level of 0.6837. The pair is expected to find its first resistance at 0.6906, and a rise through could take it to the next resistance level of 0.6929.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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