AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.32% against the USD and closed at 0.6877.
LME Copper prices rose 1.6% or $92.5/MT to $5848.5/MT. Aluminium prices rose/declined 0.8% or $13.5/MT to $1733.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6875, with the AUD trading marginally lower against the USD from yesterday’s close.
Overnight data indicated that Australia’s Westpac leading index dropped 0.08% in May, following a decline of 0.05% in the preceding month.
The pair is expected to find support at 0.6843, and a fall through could take it to the next support level of 0.6810. The pair is expected to find its first resistance at 0.6897, and a rise through could take it to the next resistance level of 0.6918.
Going ahead, investors would closely monitor the Reserve Bank of Australia’s Governor Philip Lowe’s speech, due overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
