AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.10% against the USD and closed at 0.6977.
LME Copper prices rose 0.5% or $27.5/MT to $5805.0/MT. Aluminium prices declined 1.3% or $23.5/MT to $1742.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6976, with the AUD trading marginally lower against the USD from yesterday’s close.
Overnight data showed that Australia’s AIG performance of construction index fell to a level of 40.4 in May, following a reading of 42.6 in the prior month. Moreover, the nation’s seasonally adjusted home loan approvals unexpectedly eased 1.1% on a monthly basis in April, defying market expectations for an unchanged reading. In the previous month, home loan approvals had recorded a revised drop of 2.6%.
The pair is expected to find support at 0.6962, and a fall through could take it to the next support level of 0.6948. The pair is expected to find its first resistance at 0.6992, and a rise through could take it to the next resistance level of 0.7008.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
