AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.26% against the USD to close at 1.0499, amid poor Chinese manufacturing data.
The Chinese HSBC manufacturing purchasing manager’s index declined to 51.1 in May from 51.8 in April.
In the Asian session at 3:00GMT, the pair is trading at 1.0530, 0.30% higher from the New York session close.
LME Copper prices declined 1.7% or $151.5/MT to $8,830.5/ MT. Aluminium prices declined 1.1% or $26.5/MT to $2,468.3/ MT.
The pair is expected to find first short term resistance at 1.0601, with the next resistance levels at 1.0673 and 1.0808, subsequently. The first support for the pair is seen at 1.0466, followed by next supports at 1.0403 and 1.0268 respectively.
The currency pair is showing convergence with its 20 Hr moving average and is trading well below its 50 Hr moving average.
