AUD/USD: Aussie trading on a stronger footing this morning


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.08% against the USD and closed at 0.7349.

LME Copper prices declined 0.6% or $38.0/MT to $6650.0/MT. Aluminium prices fell 1.4% or $31.5/MT to $2173.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7385, with the AUD trading 0.49% higher against the USD from yesterday’s close.

Earlier today, in Australia, the private sector credit recorded a slower-than-expected rise of 0.2% on a monthly basis in May, compared to an advance of 0.4% in the previous month.

The pair is expected to find support at 0.7348, and a fall through could take it to the next support level of 0.7312. The pair is expected to find its first resistance at 0.7403, and a rise through could take it to the next resistance level of 0.7422.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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