AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD marginally weakened against the USD to close at 0.9366.
LME Copper prices rose 0.1% or $9.5/MT to $ 7112.0/MT. Aluminium prices rose 1.8% or $34.5/MT to $ 1962.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9359, with the AUD trading 0.07% lower from yesterday’s close.
On the macro front, the leading index in Australia rose 0.2% in May, compared to a revised fall of 0.2% recorded in the previous month. The Reserve Bank of Australia has reported that foreign exchange transactions in Australia climbed to A$1,271.0 million in June, compared to A$489.0 million recorded in the previous month. Meanwhile, the National Australia Bank’s quarterly survey indicated that the business confidence index in Australia dropped to a level of 6.0 in Q2 2014, compared to a revised level of 7.0 reported in the previous quarter.
The pair is expected to find support at 0.9335, and a fall through could take it to the next support level of 0.931. The pair is expected to find its first resistance at 0.9378, and a rise through could take it to the next resistance level of 0.9396.
With no more economic releases later in the day, trading trends in the pair would be determined by global news.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
