AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.57% against the USD and closed at 0.7034.
LME Copper prices rose 0.6% or $36.0/MT to $5874.0/MT. Aluminium prices declined 0.1% or $1.0/MT to $1754.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7034, with the AUD trading flat against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted retail sales rose 0.1% on a monthly basis in May, undershooting market expectations for a rise of 0.2%. Retail sales had recorded a fall of 0.1% in the prior month.
The pair is expected to find support at 0.6999, and a fall through could take it to the next support level of 0.6963. The pair is expected to find its first resistance at 0.7059, and a rise through could take it to the next resistance level of 0.7083.
Looking ahead, investors would await Australia’s AiG performance of construction index for June, set to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
