AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.08% against the USD to close at 1.0848, as investors sought alternatives to the greenback with the US lawmakers remaining at odds on how to raise the debt ceiling and avoid a default.
In Australian economic news, this morning, the conference board’s leading index declined by 0.1% for May, following a 0.2% rise in the previous month.
Reserve Bank of Australia Governor, Glenn Stevens has stated that the nation’s subdued household spending would likely rebound “at some point” as consumers gain confidence in the sustainability of mining-led growth.
In the Asian session at 3:00GMT, the pair is trading at 1.0890, 0.39% higher from yesterday’s close at 23:00 GMT.
LME Copper prices declined 0.8% or $80.3/MT to $9,617.5/ MT. Aluminium prices rose 1.0% or $24.8/MT to $2,572.5/ MT.
The pair is expected to find first short term resistance at 1.0932, with the next resistance levels at 1.0974 and 1.1087, subsequently. The first support for the pair is seen at 1.0819, followed by next supports at 1.0748 and 1.0635 respectively.
The currency pair is trading just above its 20 Hr and its 50 Hr moving averages.
