AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.05% against the USD to close at 0.9906.
Yesterday, the People’s Bank of China reduced the one-year loan rate by a quarter point to 6.31%, effective from 8 June. The one-year deposit rate was lowered to 3.25% from 3.50%.
LME Copper prices rose 0.3% or $21.0/MT to $ 7480.3/ MT. Aluminium prices rose 0.1% or $2.0/MT to $ 1946.8/ MT.
In the Asian session, at GMT0300, the pair is trading at 0.9866, with the AUD trading 0.4% lower from yesterday’s close.
This morning, in Australia, trade deficit narrowed down to A$ 203 million in April, compared to a deficit of A$ 1282 million in March. Separately, home loans in the nation rose 0.2% in April, compared to a rise of 0.8% in March.
The pair is expected to find support at 0.9802, and a fall through could take it to the next support level of 0.9738. The pair is expected to find its first resistance at 0.9966, and a rise through could take it to the next resistance level of 1.0067.
The currency pair is trading is trading below its 20 Hr and 50 Hr moving averages.
