AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.26% against the USD to close at 0.9859, as risk aversion increased.
LME Copper prices rose 2.0% or $144.5/MT to $7395.8/ MT. Aluminium prices rose 0.3% or $5.0/MT to $1943.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 0.9892, with the AUD trading 0.33% higher from yesterday’s close.
This morning, National Australia Bank (NAB) survey showed that business conditions in Australia slumped to a three-year low to a reading of -4.0 in May. Separately the bank stated that the business confidence in the nation fell to a reading of -2.0 in May.
The pair is expected to find support at 0.9832, and a fall through could take it to the next support level of 0.9772. The pair is expected to find its first resistance at 0.9970, and a rise through could take it to the next resistance level of 1.0049.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
