AUDUSD Movement
On Friday, the AUD weakened 0.10% against the USD to close at 0.9385.
LME Copper prices rose 0.6% or $41.0/MT to $ 7151.0/MT. Aluminium prices rose 1.1% or $21.0/MT to $ 1906.5/MT.
Over the weekend, the Reserve Bank of Australia (RBA) governor Glenn Stevens cautioned that the Australian Dollar would be hit, once the Federal Reserve starts increasing its interest rates.
In the Asian session, at GMT0300, the pair is trading at 0.9399, with the AUD trading 0.15% higher from Friday’s close.
This morning, the RBA credit card balances in Australia increased to A$49.9 billion in May, from A$49.8 billion reported in the previous month. Meanwhile, the RBA credit card purchases rose to A$22.9 billion in May, compared to A$21.3 billion recorded in the previous month.
The pair is expected to find support at 0.9380, and a fall through could take it to the next support level of 0.9361. The pair is expected to find its first resistance at 0.9414, and a rise through could take it to the next resistance level of 0.9429.
Traders would await new yuan-denominated loans figures for June from China, Australia’s largest trading partner.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
