AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.72% against the USD to close at 0.7393.
LME Copper prices advanced 1.82% or $85.5/MT to $4777.5/MT. Aluminium prices rose 0.66% or $10.5/MT to $1602.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7409, with the AUD trading 0.22% higher against the USD from yesterday’s close.
Early this morning, data showed that, Australia’s HIA new home sales declined for the second consecutive month by 4.4% MoM in May, following a 4.7% drop in the previous month.
Meanwhile in China, Australia’s largest trading partner, the Westpac-MNI consumer sentiment index advanced to a level of 115.9 in June, from a reading of 114.2 in the previous month.
The pair is expected to find support at 0.7360, and a fall through could take it to the next support level of 0.7312. The pair is expected to find its first resistance at 0.7436, and a rise through could take it to the next resistance level of 0.7464.
Moving ahead, investors will look forward to Australia’s private sector credit data for May, scheduled to release in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
