AUD/USD on the rise as copper prices bolster the Aussie
|- Copper prices on the rise thanks to a flubbing USD, dragging the Aussie higher.
- The Greenback is seeing a bearish start to the week after Friday's NFP failed to generate Dollar confidence.
The AUD/USD is bumping higher in Monday's trading, currently sitting near 0.7460 as the Aussie gets a boost from rising copper prices against the US Dollar, which has hit the new trading week on the softer side after Friday's Non-Farm Payrolls showed sluggish wage growth despite a better-than-expected headline jobs figure. The receding USD is putting in a much-needed floor on copper prices, giving the AUD a knock-on lift.
The early week is thin on the economic calendar for the Aussie, and Tuesday will be seeing the low-tier National Australia Bank's Business Confidence (forecast 8, prev. 6) and Business Conditions (forecast 18, prev. 15) surveys for June at 01:30 GMT, while Monday's US session will be seeing May's Consumer Credit Change for the USD at 19:00 GMT (forecast $11.50 billion, prev. $9.26 billion.
AUD/USD Technical Analysis
Spot rate: 0.7458
Relative change: 0.39%
High: 0.7463
Low: 0.7427
Trend: Bullish
Support 1: 0.7375 (Friday low)
Support 2: 0.7348 (S2 daily pivot)
Support 3: 0.7309 (previous week low)
Resistance 1: 0.7475 (100.0% Fibo expansion level)
Resistance 2: 0.7560 (June 8th swing low)
Resistance 3: 0.7623 (June 12th high)
AUD/USD Chart, 15-Minute
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