AUDUSD Movement
On Friday, the AUD weakened 0.65% against the USD to close at 0.9495.
Over the weekend, China released a string of economic releases, wherein China’s consumer price index dropped 0.6% (MoM) in May, while the producer price index slipped 2.9% (YoY) in May. Industrial production rose less than anticipated in May, while retail sales recorded a rise in May. Moreover, China’s trade surplus widened to $20.43 billion in May.
LME Copper prices declined 0.4% or $29.0/MT to $7282.0/MT. Aluminium prices rose 0.3% or $6.0/MT to $1933.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9410, with the AUD trading 0.90% lower from Friday’s close.
The pair is expected to find support at 0.9347, and a fall through could take it to the next support level of 0.9283. The pair is expected to find its first resistance at 0.9525, and a rise through could take it to the next resistance level of 0.9639..
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
