AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.08% against the USD, on Friday, to close at 1.0657, after concerns increased that Europe’s debt crisis would worsen.
In the Asian session at 3:00GMT, the pair is trading at 1.0583, 0.69% lower from the New York session close, after a report signaled that manufacturing expanded at a slower pace this month in China, Australia’s largest trading partner. Growth in China’s manufacturing sector eased to its lowest level in ten months in May, after the flash manufacturing purchasing manages’ index fell to 51.1 from 51.8 in April, as expansion in both new orders and production slowed, survey results from Markit Economics showed today morning.
LME Copper prices declined 0.3% or $24.3/MT to $8,982.0/ MT. Aluminium prices declined 0.8% or $21.3/MT to $2,494.8/ MT.
The pair is expected to find first short term resistance at 1.0673, with the next resistance levels at 1.0762 and 1.0903, subsequently. The first support for the pair is seen at 1.0532, followed by next supports at 1.0480 and 1.0339 respectively.
The currency pair is trading well below its 20 Hr and 50 Hr moving averages.
