AUDUSD Movement
On Friday, the AUD weakened marginally against the USD to close at 0.9306.
LME Copper prices rose 0.4% or $25.5/MT to $6995.5/MT. Aluminium prices jumped 2.2% or $39.0/MT to $1823.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9264, with the AUD trading 0.45% lower from Friday’s close.
On the economic front, the AiG reported that performance of Australian manufacturing index rose to a reading of 49.2 in May. However, the number of Australian home-building permits declined 5.6% (MoM) in April, the third significant monthly drop in a row.
The pair is expected to find support at 0.9240, and a fall through could take it to the next support level of 0.9215. The pair is expected to find its first resistance at 0.9310, and a rise through could take it to the next resistance level of 0.9355.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
