AUDUSD Movement
On Friday, the AUD strengthened 0.19% against the USD to close at 0.9365.
LME Copper prices rose 0.5% or $38.0/MT to $ 7159.0/MT. Aluminium prices rose 0.2% or $ 3.0/MT to $ 1893.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9355, with the AUD trading 0.11% lower from Friday’s close.
Data released overnight indicated that the seasonally adjusted performance of construction index in Australia climbed to a level of 51.8 in June, compared to a level of 46.7 recorded in the previous month. Meanwhile, ANZ job advertisements, on a monthly basis, in Australia advanced 4.3% in June, compared to a revised 5.7% fall recorded in the previous month.
The pair is expected to find support at 0.9340, and a fall through could take it to the next support level of 0.9324. The pair is expected to find its first resistance at 0.9371, and a rise through could take it to the next resistance level of 0.9386.
With no more economic releases during the day, investors would shift their focus to National Australia Bank’s Business Confidence for June, slated for release early tomorrow.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
