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.

Joshua Gibson FXStreet

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

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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