AUDUSD Movement
On Friday, the AUD weakened 0.93% against the USD to close at 0.9736. The greenback traded higher as the US leading indicator registered an improvement in May and the preliminary consumer confidence index surged in May.
LME Copper prices rose 3.3% or $234.0/MT to $7329.5/MT. Aluminium prices rose 2.1% or $38.0/MT to $1840.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9786, with the AUD trading 0.51% higher from Friday’s close.
The pair is expected to find support at 0.9735, and a fall through could take it to the next support level of 0.9683. The pair is expected to find its first resistance at 0.9813, and a rise through could take it to the next resistance level of 0.9839.
The currency pair is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
