AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, AUD strengthened 0.21% against the USD to close at 0.9927.
LME Copper prices declined 3.1% or $229.0/MT to $7251.3/ MT. Aluminium prices declined 8.5% or $0.4/MT to $1938.3/ MT.
Over the weekend, in China, consumer price index rose 3.0% in (YoY) in May, while retail sale in the nation rose 13.8% (YoY) in May. Additionally, industrial production rose slower-than-expected by 9.6% (YoY) in May, against the market expectation of 9.8% growth. Moreover, trade surplus widened to $18.70 billion in May, following a surplus of $18.40 billion in April.
In the Asian session, at GMT0300, the pair is trading at 0.9972, with the AUD trading 0.45% higher from Friday’s close.
The pair is expected to find support at 0.9859, and a fall through could take it to the next support level of 0.9746. The pair is expected to find its first resistance at 1.0047, and a rise through could take it to the next resistance level of 1.0122.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
