AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.41% against the USD to close at 0.7222.
LME Copper prices declined 0.02% or $1.0 /MT to $4600.0 /MT. Aluminium prices rose 0.97% or $15.0 /MT to $1559.0 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7236, with the AUD trading 0.19% higher from yesterday’s close.
Overnight data showed that, Australia’s AiG performance of service index swung back to expansion by registering a level of 51.5 in May, from a level of 49.7 in the prior month.
Early this morning, in China, Australia’s largest trading partner, data showed that the nation’s Caixin services PMI declined to a three-month low level of 51.2 in May, dropping for the second consecutive month, compared to a reading of 51.8 in the previous month.
The pair is expected to find support at 0.7206, and a fall through could take it to the next support level of 0.7176. The pair is expected to find its first resistance at 0.7259, and a rise through could take it to the next resistance level of 0.7282.
Moving ahead, investors will look forward to the Reserve Bank of Australia’s interest rate decision, along with Australia’s AiG performance of construction index and home loans data, due next week.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
