AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.00% against the USD to close at 1.0577, as Greece’s sovereign debt crisis spooked risk appetite for Australian dollar. Investors remained worried that Greece’s debt crisis remained highly unstable and that it may spread to other economies.
The currency earlier rose after Reserve Bank of Australia Governor Glenn Stevens stated that the policy makers would need to raise interest rates at some stage.
In Australia, this morning, the new motor vehicle sales declined by 7.6% (M-o-M) in May following a 3.5% decline in April.
In the Asian session at 3:00GMT, the pair is trading at 1.0580, 0.03% higher from yesterday’s close at 23:00 GMT.
LME Copper prices rose 1.5% or $137.3/MT to $9,146.8/ MT. Aluminium prices rose 0.1% or $3.0/MT to $2,578.3/ MT.
The pair is expected to find first short term resistance at 1.0685, with the next resistance levels at 1.0789 and 1.0968, subsequently. The first support for the pair is seen at 1.0506, followed by next supports at 1.0431 and 1.0252 respectively.
The currency pair is trading well below its 20 Hr and its 50 Hr moving averages.
