AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.42% against the USD to close at 0.7396.
LME Copper prices declined 0.07% or $3.0/MT to $4521.5/MT. Aluminium prices rose 0.63% or $10.0/MT to $1602.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7438, with the AUD trading 0.57% higher against the USD from yesterday’s close.
Over the weekend, data showed that in China, Australia’s largest trading partner, the nation’s house price index rose 6.9% in May, from 6.2% in the previous month.
The pair is expected to find support at 0.7390, and a fall through could take it to the next support level of 0.7341. The pair is expected to find its first resistance at 0.7466, and a rise through could take it to the next resistance level of 0.7493.
Moving ahead, investors will look forward to the Reserve Bank of Australia’s June meeting minutes along with Australia’s Q1 house price index data, scheduled to release in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
