AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.32% against the USD and closed at 0.6935 On Friday.
LME Copper prices declined 0.7% or $42.5/MT to $5780.5/MT. Aluminium prices declined 0.1% or $1.0/MT to $1761.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6959, with the AUD trading 0.35% higher against the USD from Friday’s close.
Overnight data showed that Australia’s CBA manufacturing PMI dropped to a level of 51.0 in May, compared to a reading of 51.1 in the previous month. Additionally, the AiG performance of manufacturing index recorded a drop to 52.7 in May, compared to a level of 54.8 in the prior month.
Separately, in China, Australia’s largest trading partner, the Caixin manufacturing PMI index remained unchanged at a level of 50.20 in May.
The pair is expected to find support at 0.6921, and a fall through could take it to the next support level of 0.6884. The pair is expected to find its first resistance at 0.6978, and a rise through could take it to the next resistance level of 0.6998.
Going forward, traders would await the Reserve Bank of Australia’s interest rate decision along with Australia’s retail sales for April, scheduled to release early morning tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
