AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.14% against the USD to close at 0.9414.
Yesterday, Moody’s Investors Service cautioned that the recent price-rise of Australian houses could face a downward correction if the Australian economy continues to grow at the current pace.
LME Copper prices rose 0.7% or $46.0/MT to $6936.5/MT. Aluminium prices declined 0.5% or $9.5/MT to $1857.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9421, with the AUD trading 0.07% higher from yesterday’s close. Earlier today, RBA Assistant Governor, Christopher Kent dismissed concerns over the nation’s soaring house prices by stating that the rise in Australian house prices are in-line with the central bank’s expectations.
Also earlier today, data from China showed that industrial profit in the nation rose 8.9% (YoY) in May, following a 9.6% (YoY) increase in the preceding month.
The pair is expected to find support at 0.9401, and a fall through could take it to the next support level of 0.9381. The pair is expected to find its first resistance at 0.9435, and a rise through could take it to the next resistance level of 0.9449.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
