AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 1.61% against the USD to close at 0.7462.
After UK’s decision to leave the European Union was officially announced, the Australian Prime minister, Malcolm Turnbull, assuaged concerns by stating that there is no cause for Australians to be alarmed by these developments as the Australian economy is strong and resilient and has weathered previous global shocks well.
LME Copper prices declined 1.77% or $84.0/MT to $4663.0/MT. Aluminium prices declined 1.69% or $27.5/MT to $1600.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7396, with the AUD trading 0.88% lower against the USD from Friday’s close.
Early this morning, in China, Australia’s largest trading partner, data showed that the nation’s industrial profits rose 3.7% YoY in May, compared to a 4.2% rise in the previous month.
The pair is expected to find support at 0.7290, and a fall through could take it to the next support level of 0.7184. The pair is expected to find its first resistance at 0.7514, and a rise through could take it to the next resistance level of 0.7632.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
