AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.18% against the USD to close at 0.9723.
LME Copper prices declined 0.3% or $26.0/MT to $ 7516.5/ MT. Aluminium prices declined 0.8% or $16.0/MT to $ 1973.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 0.969, with the AUD trading 0.33% lower from yesterday’s close, after data showed weak manufacturing activity in China, its biggest trading partner.
This morning, in China, official purchasing managers’ index (PMI) fell more-than-expected to a reading of 50.4 in May, against the market expectation of reading of 52.0. Additionally, HSBC PMI was revised lower to a reading of 48.4 in May, compared to a reading of 49.3 in April and a preliminary reading of 48.7 for May.
The pair is expected to find support at 0.9636, and a fall through could take it to the next support level of 0.9582. The pair is expected to find its first resistance at 0.9757, and a rise through could take it to the next resistance level of 0.9825.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
