AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.60% against the USD to close at 0.7368.
LME Copper prices rose 0.38% or $18.0/MT to $4706.0/MT. Aluminium prices rose 0.32% or $5.0/MT to $1548.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7363, with the AUD trading 0.07% lower against the US Dollar from yesterday’s close.
Overnight data showed that Australia’s AiG performance of construction index slipped into contraction territory with a reading of 46.7 in May, compared to a level of 50.8 in the previous month.
Early this morning, the Reserve Bank of Australia (RBA) kept official interest rate steady at 1.75%, as widely expected, as the central bank awaits further information on the health of the local and international economy before deciding its next move.
The pair is expected to find support at 0.7327, and a fall through could take it to the next support level of 0.7292. The pair is expected to find its first resistance at 0.7389, and a rise through could take it to the next resistance level of 0.7416.
Moving ahead, investors will look forward to Australia’s home loans data for April, scheduled to release in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
