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  • 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