AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 1.74% against the USD and closed at 0.7024.
LME Copper prices rose 1.3% or $71.0/MT to $5,659.0/MT. Aluminium prices climbed 1.0% or $16.0/MT to $1,569.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7003, with the AUD trading 0.30% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s NAB business confidence index climbed to -20.0 in May, more than market expectations for a rise to -32.0 and compared to a revised reading of -45.0 in the previous month. Moreover, the NAB business conditions index rose to -24.0 in May, less than market expectations for a rise to -16.0 and compared to a level of -34.0 in the prior month.
The pair is expected to find support at 0.6963, and a fall through could take it to the next support level of 0.6923. The pair is expected to find its first resistance at 0.7042, and a rise through could take it to the next resistance level of 0.7081.
Going forward, traders would keep a watch on Australia’s Westpac consumer confidence for June, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
