AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.64% against the USD, on Friday, to close at 1.0781.
In the Asian session at 3:00GMT, the pair is trading at 1.0746, 0.32% lower from Friday’s close at 23:00 GMT, following the release of weaker than expected May retail sales and building approvals figures. According to the Australian Bureau of Statistics (ABS), retail sales in Australia were down a seasonally adjusted 0.6% in May compared to the previous month, at A$20.611 billion. A separate report from the ABS stated that the total number of building approvals in Australia plummeted a seasonally adjusted 7.9% in May compared to the previous month, standing at 12,290.
LME Copper prices rose 1.1% or $104.3/MT to $9,404.8/ MT. Aluminium prices declined 0.9% or $22.8/MT to $2,485.8/ MT.
The pair is expected to find first short term resistance at 1.0797, with the next resistance levels at 1.0849 and 1.0959, subsequently. The first support for the pair is seen at 1.0687, followed by next supports at 1.0629 and 1.0519 respectively.
Trading trends in the pair today are expected to be determined by release of performance of services index in Australia.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
