AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.28% against the USD to close at 0.9767, as pessimism over the outcome of a summit of European leaders weighed on the investor sentiment.
LME Copper prices declined 1.8% or $142.3/MT to $ 7630.3/ MT. Aluminium prices declined 1.0% or $20.5/MT to $ 1975.8/ MT.
In the Asian session, at GMT0300, the pair is trading at 0.9757, with the AUD trading 0.11% lower from yesterday’s close, after data showed that manufacturing activity deteriorated in China.
Data just released showed that the HSBC Flash manufacturing Purchasing Managers’ Index (PMI) fell to 48.7 in May, from 49.3 in April.
The pair is expected to find support at 0.9704, and a fall through could take it to the next support level of 0.9652. The pair is expected to find its first resistance at 0.9794, and a rise through could take it to the next resistance level of 0.9832.
The currency pair is showing convergence with its 20 Hr and trading below its 50 Hr moving average.
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