AUDUSD Movement
On Friday, the AUD weakened 0.99% against the USD to close at 0.9572.
LME Copper prices declined 0.1% or $4.50/MT to $7241.0/MT. Aluminium prices rose 1.0% or $18.5/MT to $1875.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9626, with the AUD trading 0.56% higher from Friday’s close.
Data released this morning indicated that, the Australian Industry Group’s (AiG) performance of manufacturing index (PMI) rose to a reading of 43.8 in May, while retail sales in Australia rose 0.2% in April. Meanwhile, home prices decreased 1.2% in May, while the TD securities inflation fell to 0.2% (MoM) in May.
In China, the final reading of the HSBC manufacturing purchasing managers’ index (PMI) fell to 49.2 in May, while the non manufacturing PMI slipped to 54.3 in May.
The pair is expected to find support at 0.9562, and a fall through could take it to the next support level of 0.9498. The pair is expected to find its first resistance at 0.9676, and a rise through could take it to the next resistance level of 0.9726.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
