AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.16% against the USD and closed at 0.7534.
LME Copper prices rose 1.3% or $72.0/MT to $5647.5/MT. Aluminium prices declined 0.05% or $1.0/MT to $1902.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7535, with the AUD trading slightly higher against the USD from yesterday’s close.
Overnight data indicated that, in China, Australia’s largest trading partner, the consumer price index (CPI) climbed 1.5% on an annual basis in May, meeting market expectations. In the previous month, the CPI had registered a rise of 1.2%. Meanwhile, the nation’s producer price index PPI advanced 5.5% YoY in May, less than market expectations for a rise of 5.6%. In the prior month, the PPI had registered a rise of 6.4%.
The pair is expected to find support at 0.7521, and a fall through could take it to the next support level of 0.7508. The pair is expected to find its first resistance at 0.7551, and a rise through could take it to the next resistance level of 0.7568.
Looking ahead, investors will closely monitor Australia’s unemployment rate, NAB business confidence as well as Westpac consumer confidence indices, all slated to release next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
