AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened marginally against the USD to close at 0.9427.
LME Copper prices declined 2.2% or $162.0/MT to $7120.0/MT. Aluminium prices declined 2.6% or $49.5/MT to $1884.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9426, with the AUD trading marginally lower from yesterday’s close.
In the morning session, the National Australia Bank’s business conditions indicator in Australia improved to a reading of -4.0 in May whereas the business confidence indicator remained unchanged at -1.0 in May. Separately, number of home loan approvals increased 0.8% (MoM) in April, while investment lending edged up 1.1% in April.
The pair is expected to find support at 0.9377, and a fall through could take it to the next support level of 0.9329. The pair is expected to find its first resistance at 0.9478, and a rise through could take it to the next resistance level of 0.9531.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
