AUD/USD: Home Loans Approval Rose In Australia

For the 24 hours to 23:00 GMT, AUD weakened 0.76% against the USD to close at 0.9166.

LME Copper prices rose 3.2% or $215.5/MT to $6995.5/MT. Aluminium prices rose 2.2% or $39.0/MT to $1800.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.9176, with the AUD trading 0.11% higher from yesterday’s close.

This morning, the number of home loan approvals in Australia increased 1.8% (MoM) in May, less than market expectation of a 2.2% rise, while investment lending rose 1.5% in May, compared to a revised 0.9% rise recorded in the previous month.

Separately, the Finance Minister of China, Lou Jiwei, stated that the nation’s economic growth would slow to 7.0% in 2013, below the government’s target of 7.5%. He also indicated that the economy would not suffer a hard landing and that the slower growth would be necessary for the reforms that the government is undertaking to stimulate its economy.

The pair is expected to find support at 0.9093, and a fall through could take it to the next support level of 0.9010. The pair is expected to find its first resistance at 0.9283, and a rise through could take it to the next resistance level of 0.9390.

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