For the 24 hours to 23:00 GMT, the AUD rose 0.65% against the USD and closed at 0.7637.

LME Copper prices rose 0.6% or $33.0/MT to $5822.0/MT. Aluminium prices rose 1.3% or $24.5/MT to $1886.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7655, with the AUD trading 0.24% higher against the USD from yesterday’s close, following upbeat new home sales data in Australia.

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Earlier today, data showed that Australia’s new home sales rose 1.1% MoM in May, following a gain of 0.8% in the previous month.

The pair is expected to find support at 0.7600, and a fall through could take it to the next support level of 0.7544. The pair is expected to find its first resistance at 0.7688, and a rise through could take it to the next resistance level of 0.7720.

Looking ahead, Australia’s private sector credit data for May, set to release in the early hours of tomorrow, will be on investors’ radar.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.


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