AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.35% against the USD and closed at 0.7404 on Friday.
LME Copper prices declined 0.1% or $3.5/MT to $6251.5/MT. Aluminium prices rose 0.1% or $1.0/MT to $2055.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7387, with the AUD trading 0.23% lower against the USD from Friday’s close.
The pair is expected to find support at 0.7366, and a fall through could take it to the next support level of 0.7346. The pair is expected to find its first resistance at 0.7411, and a rise through could take it to the next resistance level of 0.7436
Going ahead, traders will look forward to Australia’s building approvals for June, due to be released overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
