AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 1.08% against the USD and closed at 0.7562.
LME Copper prices declined 0.3% or $15.0/MT to $4710.0/MT. Aluminium prices rose 0.2% or $3.5/MT to $1640.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7560, with the AUD trading marginally lower against the USD from Friday’s close.
On the data front, Australia’s home loan approvals surprisingly declined by 1.0% in May, compared to a revised rise of 1.4% in the previous month.
The pair is expected to find support at 0.7494, and a fall through could take it to the next support level of 0.7428. The pair is expected to find its first resistance at 0.7599, and a rise through could take it to the next resistance level of 0.7638.
Moving ahead, market participants will look forward to Australia’s NAB business confidence data for June, slated to be released in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
