AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.56% against the USD to close at 0.7677.
LME Copper prices rose 0.63% or $36.0/MT to $5767.0/MT. Aluminium prices declined 1.56% or $26.0/MT to $1642.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7674, with the AUD trading a tad lower from yesterday’s close.
Early morning data showed that new home sales in Australia dipped 2.3% MoM in May, following a rise of 0.6% in April. Additionally, the private sector credit of the nation rose 0.50% MoM in May, after climbing 0.30% in the past month.
The pair is expected to find support at 0.7632, and a fall through could take it to the next support level of 0.7591. The pair is expected to find its first resistance at 0.7715, and a rise through could take it to the next resistance level of 0.7756.
Going forward, the RBA Governor, Glenn Steven’s speech, scheduled in a few hours would grab lot of market attention. Also, investors would also wait for the release of Australia’s AiG performance of manufacturing index data, scheduled overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
