Aussie Trading On A Stronger Footing In The Asian Session
GCI Financial | May 29, 2015 02:25AM ET
For the 24 hours to 23:00 GMT, the AUD weakened 0.98% against the USD to close at 0.7658.
LME Copper prices rose 0.53% or $32.0/MT to $6117.0/MT. Aluminium prices rose 1.18% or $20.0/MT to $1719.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7665, with the AUD trading 0.1% higher from yesterday’s close.
Early this morning, data indicated that new home sales in Australia rose 0.60% in April on a monthly basis. In the prior month, new home sales had climbed 4.40%.
The pair is expected to find support at 0.7617, and a fall through could take it to the next support level of 0.7569. The pair is expected to find its first resistance at 0.7714, and a rise through could take it to the next resistance level of 0.7763.
Looking ahead, Australia’s Q1 GDP data, scheduled next week would keep investors on their toes.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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