AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.16% against the USD to close at 0.9921, as risk aversion increased amid deepening turmoil in Greece and fears of contagion to other Euro-zone economies.
LME Copper prices declined 1.8% or $144.0/MT to $ 7709.5/ MT. Aluminium prices rose 0.8% or $15.3/MT to $ 1994.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 0.9936, with the AUD trading 0.16% higher from yesterday’s close.
This morning, Melbourne Institute (MI) reported that consumer inflation expectations fell to 3.1% in May, from 3.3% in April, but stated that annual inflation expectations were still above the Reserve Bank of Australia’s (RBA) 2% to 3% target range.
The pair is expected to find support at 0.9882, and a fall through could take it to the next support level of 0.9828. The pair is expected to find its first resistance at 0.9979, and a rise through could take it to the next resistance level of 1.0022.
With no major release from Australia, the pair is expected to trade on trends in the greenback.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
