AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.59% against the USD to close at 0.9332.
LME Copper prices declined 0.5% or $35.0/MT to $6800.0/MT. Aluminium prices rose 1.8% or $32.0/MT to $1828.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9331, with the AUD trading marginally lower from yesterday’s close.
Early morning, data showed that the AiG performance of construction index in Australia rose to a reading to 46.7 in May, from previous month’s level of 45.9. Separately, the World Bank urged China, Australia’s largest trading partner, to undertake fiscal and financial sector reforms in order to deal with its debt problems and to meet its economic growth target of 7.5% in 2014.
The pair is expected to find support at 0.9288, and a fall through could take it to the next support level of 0.9245. The pair is expected to find its first resistance at 0.9361, and a rise through could take it to the next resistance level of 0.9391.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
