AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.30% against the USD to close at 0.9233.
LME Copper prices edged up 0.2% or $15.0/MT to $7035.0/MT. Aluminium prices rose 1.4% or $24.0/MT to $1801.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9270, with the AUD trading 0.40% higher from yesterday’s close, after a survey from the Australian Bureau of Statistics highlighted a brighter spending-outlook in the Australian economy even as data showed that private capital spending fell 4.2% in the first quarter of 2014. The survey showed that Australian firms planned to spend around A$137.0 billion in the year to June 2015, more than the previous estimate of A$125.0 billion and market expectations of A$128.0 billion. Additionally, another report from the Housing Industry Association showed that new home sales in Australia rose 2.9% in April, compared to a 0.2% increase in March.
The pair is expected to find support at 0.9229, and a fall through could take it to the next support level of 0.9187. The pair is expected to find its first resistance at 0.9294, and a rise through could take it to the next resistance level of 0.9317.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
