AUDUSD Movement
On Friday, the AUD weakened 1.12% against the USD to close at 0.9158.
LME Copper prices rose 0.7% or $45.0/MT to $6750.5/MT. Aluminium prices rose 0.7% or $11.5/MT to $1731.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9179, with the AUD trading 0.23% higher from yesterday’s close, as Australian home prices rebounded in June. The Rismark House price index in Australia advanced 1.9% in June, compared to a 1.2% drop recorded in May. Additionally, the Australian Industry Group (AiG) indicated that its Australian performance of manufacturing index rose to a reading of 49.6 in June, from a reading of 43.8 recorded in May.
However, in China, final reading of the HSBC manufacturing purchasing managers’ index (PMI) fell to a reading of 48.20 in June, while the official manufacturing PMI China declined to a reading of 50.10 in June.
The pair is expected to find support at 0.9099, and a fall through could take it to the next support level of 0.9018. The pair is expected to find its first resistance at 0.9273, and a rise through could take it to the next resistance level of 0.9366.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
