AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.19% against the USD to close at 0.9394.
LME Copper prices declined 0.9% or $63.0/MT to $ 7110.0/MT. Aluminium prices declined 2.0% or $38.5/MT to $ 1885.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9388, with the AUD trading 0.06% lower from yesterday’s close.
This morning, data released indicated that the number of Australian home-loan approvals was flat in May as compared to a 0.2% fall in the previous month. Market had expected it to report a 1.0% decline. Meanwhile, the value of loans for investment housing fell 0.9% in May.
The pair is expected to find support at 0.9362, and a fall through could take it to the next support level of 0.9335. The pair is expected to find its first resistance at 0.9413, and a rise through could take it to the next resistance level of 0.9437.
With no major economic releases on radar later this week, investors would shift their focus to RBA minutes, slated to release on Tuesday. Meanwhile, traders would also keenly await China’s GDP figures on Wednesday.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
