AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.11% against the USD to close at 0.7380.
LME Copper prices rose 0.24% or $11.0 /MT to $4515.0 /MT. Aluminium prices declined 0.16% or $2.5 /MT to $1581.5 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7383, with the AUD trading marginally higher against the USD from yesterday’s close.
Early this morning, data showed that, Australia’s NAB business conditions index remained steady at a level of 10.0 in May. On the other hand, the nation’s NAB business confidence index slid to a level of 3.0 in May, from a reading of 5.0 in the previous month.
The pair is expected to find support at 0.7364, and a fall through could take it to the next support level of 0.7346. The pair is expected to find its first resistance at 0.7406, and a rise through could take it to the next resistance level of 0.743.
Going ahead, investors will look forward to Australia’s Westpac consumer confidence index data for June, scheduled to release in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
