AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.39% against the USD to close at 0.9670.
LME Copper prices rose 0.6% or $44.00/MT to $7245.5/MT. Aluminium prices rose 2.0% or $36.00/MT to $1857.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9646, with the AUD trading 0.25% lower from yesterday’s close.
In economic news released this morning, private sector credit in Australia rose 0.3% (MoM) in April, in line with market expectations and following a 0.2% increase recorded in the previous month.
A separate economic data also revealed that, MNI business sentiment in China, Australia’s biggest trading partner dropped to a reading of 56.7 in May, from a reading of 57.1 recorded in the previous month.
The pair is expected to find support at 0.9586, and a fall through could take it to the next support level of 0.9527. The pair is expected to find its first resistance at 0.9702, and a rise through could take it to the next resistance level of 0.9759.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
