AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.32% against the USD and closed at 0.6961.
LME Copper prices rose 0.3% or $18.0/MT to $5788.0/MT. Aluminium prices rose/declined 0.7% or $12.5/MT to $1720.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6962, with the AUD trading slightly higher against the USD from yesterday’s close.
Overnight data showed that Australia’s NAB business confidence index rose to a level of 7.0 in May, following a flat reading in the prior month. Meanwhile, the nation’s NAB business conditions index fell to a level of 1.0 in May, compared to a level of 3.0 in the previous month.
The pair is expected to find support at 0.6949, and a fall through could take it to the next support level of 0.6935. The pair is expected to find its first resistance at 0.6980, and a rise through could take it to the next resistance level of 0.6997.
Moving ahead, traders would await Australia’s Westpac consumer confidence index for June, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
