AUDUSD Movement
On Friday, the AUD weakened 0.12% against the USD to close at 0.9600.
LME Copper prices declined 0.2% or $12.50/MT to $7045.0/MT. Aluminium prices rose 0.1% or $2.50/MT to $1815.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9616, with the AUD trading 0.17% higher from Friday’s close.
In economic news released today, Australian new motor vehicle sales rose 0.2% (YoY) in May, following a revised 3.2% rise recorded in the previous month. On a monthly basis, sales remained unchanged in May, compared to a revised 1.7% drop recorded in April.
The pair is expected to find support at 0.9567, and a fall through could take it to the next support level of 0.9517. The pair is expected to find its first resistance at 0.9662, and a rise through could take it to the next resistance level of 0.9707.
On Friday, Crude Oil prices advanced 1.16% against the USD for the period ending 21:00GMT, closing at 97.78, amid supply concerns following speculation that unrest in Syria would spread to other parts of the Middle East.
Also, stronger than expected retail sales data and unexpected drop in weekly jobless claims in the US supported the rally in the fuel prices.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
