AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.5% against the USD and closed at 0.7624 on Friday.
LME Copper prices rose 0.3% or $18.5/MT to $5655.5/MT. Aluminium prices declined 0.2% or $3.0/MT to $1861.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7622, with the AUD trading a tad lower against the USD from Friday’s close.
Overnight, the Reserve Bank of Australia’s (RBA) Governor, Philip Lowe, remained upbeat over Australian economy, stating that Australia’s economic growth over the next couple of years will be a bit stronger than it has been recently.
The pair is expected to find support at 0.7589, and a fall through could take it to the next support level of 0.7555. The pair is expected to find its first resistance at 0.7643, and a rise through could take it to the next resistance level of 0.7663.
Moving ahead, market participants will focus on the Reserve Bank of Australia’s (RBA) June meeting minutes, scheduled to release tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
