AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.91% against the USD to close at 0.7519.
Yesterday, in China, Australia’s largest trading partner, the CB leading economic index rose 0.2% in May, following a revised decline of 0.1% in the previous month.
LME Copper prices rose 2.19% or $100.5/MT to $4687.5 /MT. Aluminium prices rose 0.03% or $0.5 /MT to $1624.0 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7519, with the AUD trading flat against the USD from yesterday’s close.
Early this morning, China’s MNI business sentiment indicator advanced to a level of 54.5 in June, from a reading of 50.0 in the previous month.
The pair is expected to find support at 0.7469, and a fall through could take it to the next support level of 0.7419. The pair is expected to find its first resistance at 0.7548, and a rise through could take it to the next resistance level of 0.7577.
Going ahead, investors will look forward to a speech by the Reserve Bank of Australia’s Assistant Governor, Guy Debelle, due in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
