AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.57% against the USD to close at 0.9664, after minutes from the latest US Federal Reserve meeting indicated that few policy makers were open to tapering large-scale asset purchases as early as at the June meeting.
LME Copper prices rose 1.3% or $96.0/MT to $7480.0/MT. Aluminium prices rose 0.1% or $2.5/MT to $1837.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9630, with the AUD trading 0.35% lower from yesterday’s close. The Aussie is trading under pressure this morning as China’s HSBC manufacturing purchasing managers’ index (PMI) retreated to a reading of 49.6 in May.
Separately, Australia’s consumer inflation expectations rose to 2.3% in May, from 2.2% recorded in April.
The pair is expected to find support at 0.9559, and a fall through could take it to the next support level of 0.9489. The pair is expected to find its first resistance at 0.9765, and a rise through could take it to the next resistance level of 0.9901.
The currency pair is trading below with its 20 Hr and 50 Hr moving averages.
