AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.62% against the USD to close at 0.7492.
LME Copper prices declined 0.90% or $43.5 /MT to $4783.5 /MT. Aluminium prices rose 0.61% or $10.0 /MT to $1645.0 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7489, with the AUD trading marginally lower against the USD from Friday’s close.
Early this morning, data showed that, Australia’s building approvals declined more-than-expected by 5.2% MoM in May, following three months of significant gains and after recording a 3.0% rise in the previous month.
The pair is expected to find support at 0.7451, and a fall through could take it to the next support level of 0.7413. The pair is expected to find its first resistance at 0.7515, and a rise through could take it to the next resistance level of 0.7541.
Moving ahead, market participants will look forward to the Reserve Bank of Australia’s interest rate decision, scheduled to be announced in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
