AUDUSD Movement
On Friday, the AUD strengthened 0.13% against the USD to close at 0.9426.
LME Copper prices rose 0.6% or $39.5/MT to $6976.0/MT. Aluminium prices declined 0.4% or $7.0/MT to $1850.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9416, with the AUD trading 0.11% lower from Friday’s close.
Early morning, the Housing Industry Association (HIA) reported that sales of new home in Australia fell 4.3% (MoM), for the first time in five months in May, while the value of loans outstanding to Australian private sector rose by 0.4% (MoM), last month.
The pair is expected to find support at 0.9400, and a fall through could take it to the next support level of 0.9385. The pair is expected to find its first resistance at 0.9437, and a rise through could take it to the next resistance level of 0.9459.
Ahead in the day, the traders are expected to eye the releases of a report from the AiG on the performance of Australian manufacturing index.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
