AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.67% against the USD and closed at 0.6858 on Friday.
LME Copper prices declined 0.3% or $16.0/MT to $5,785.5/MT. Aluminium prices fell 1.4% or $22.0/MT to $1,560.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6823, with the AUD trading 0.51% lower against the USD from Friday’s close.
Elsewhere in China, Australia’s largest trading partner, industrial production rose 4.4% on a yearly basis in May, less than market consensus for a rise of 5.0% and compared to a rise of 3.9% in the previous month. Additionally, retail sales fell 2.8% on an annual basis in May, more than market forecast for a drop of 2.0% and compared to a decline of 7.5% in the prior month. Moreover, the house price index rose 4.9% in May, compared to a rise of 5.1% in the earlier month.
The pair is expected to find support at 0.6783, and a fall through could take it to the next support level of 0.6742. The pair is expected to find its first resistance at 0.6888, and a rise through could take it to the next resistance level of 0.6952.
Looking ahead, traders would keep a watch on the Reserve Bank of Australia’s meeting minutes followed by the house price index for 1Q 2020, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
