AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.12% against the USD to close at 1.0570.
LME Copper prices declined 1.7% or $147.0/MT to $8,709.5/ MT. Aluminium prices declined 2.7% or $71.3/MT to $2,576.5/ MT.
In the Asian session at 3:00GMT, the pair is trading at 1.0561, 0.09% lower from the New York session close, as minutes from the central bank’s May board meeting suggested a rate rise was not as imminent as the market was expecting. The minutes of the Reserve Bank of Australia’s (RBA) May 3 board meeting showed the bank believes the current mildly restrictive stance on monetary policy, is appropriate.
The pair is expected to find first short term resistance at 1.0633, with the next resistance levels at 1.0705 and 1.0839, subsequently. The first support for the pair is seen at 1.0499, followed by next supports at 1.0437 and 1.0303 respectively.
The currency pair is showing convergence with its 20 Hr moving average and its 50 Hr moving average.
