AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.81% against the USD and closed at 0.7441 on Friday.
LME Copper prices declined 1.37% or $77.0/MT to $5559.5/MT. Aluminium prices declined 0.70% or $13.5/MT to $1916.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7454, with the AUD trading 0.17% higher from Friday’s close.
Overnight data showed that the AiG performance of services index fell to 51.5 in May in Australia, from a level of 53.0 reported in the last month.
Elsewhere, in China, Australia’s largest trading partner, the Caixin services PMI rose to a level of 52.8 in May from 51.5 recorded in the previous month, its fastest pace of expansion in four months, amid an increase in new orders.
The pair is expected to find support at 0.7400, and a fall through could take it to the next support level of 0.7345. The pair is expected to find its first resistance at 0.7483, and a rise through could take it to the next resistance level of 0.7511.
Moving forward, investors will closely await the outcome of the Reserve Bank of Australia’s monetary policy meeting, scheduled to take place tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
