AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.13% against the USD to close at 0.9374.
LME Copper prices rose 1.3% or $92.0/MT to $6976.5/MT. Aluminium prices advanced 1.1% or $18.5/MT to $1757.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9366, with the AUD trading 0.09% lower from yesterday’s close.
Earlier today, ratings agency Moody’s expressed an optimistic outlook on Australia’s mining sector and affirmed its “AAA” credit rating on the nation, saying that the economy remains in a good position despite a forecast of $29.8 billion budget deficit in the next financial year.
On the economic front, the RBA foreign exchange transaction amounted to A$ 325.0 million in April while new motor vehicle sales in Australia declined 1.9% (YoY) in the previous month.
The pair is expected to find support at 0.9348, and a fall through could take it to the next support level of 0.9329. The pair is expected to find its first resistance at 0.9398, and a rise through could take it to the next resistance level of 0.9429.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
