AUDUSD Movement
On Friday, the AUD strengthened marginally against the USD to close at 0.9365.
LME Copper prices edged up marginally by $1.0/MT to $ 6950.0/MT. Aluminium prices declined 1.2% or $21.5/MT to $1731.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9365, with the AUD trading flat from Friday’s close.
On Sunday, a report from China, Australia’s largest trading partner, showed that house price index in China rose at an annual pace of 6.7% in April, slower than the 7.7% rise reported in the previous month.
The pair is expected to find support at 0.9342, and a fall through could take it to the next support level of 0.9318. The pair is expected to find its first resistance at 0.9381, and a rise through could take it to the next resistance level of 0.9396.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
