COZforex: The Australian dollar rise against its US counterpart on Thursday, after the release of mixed economic reports from Australia, although demand for the greenback remained supported by upbeat US data published earlier in the week.

AUD/USD hit 0.9301 amid late Asian trade, the pair's highest since May 20; the pair subsequently consolidated at 0.9287, climbing 0.57%. COZFX strategist Nigel Boynton said, AUD/USD is predicted to find support at 0.9229, and a drop through could take it to the next support line of 0.9187. Meanwhile, the pair is predicted to find its first resistance at 0.9294, and a rise through could take it to the next resistance line of 0.9317.

In commodities, LME Copper prices edged up 0.2% or $15.0/MT to $7035.0/MT. Aluminium prices rose 1.4% or $24.0/MT to $1801.5/MT.

Industry data earlier showed that new home sales in Australia rise 2.9% in April, after a 0.2% uptick the previous month. A separate report showed that private capital expenditure in Australia declined 4.2% in the first quarter, compared to expectations for a 1.4% decline. Private capital expenditure in the fourth quarter of 2013 was revised to a 4.5% decline from a previously estimated 5.2% drop.

Meanwhile, the greenback still remained supported after data on Tuesday showed that US durable goods orders rise unexpectedly in April and another report showed that US consumer confidence improved in line with forecasts this month.

Later in the day, the US was to release revised data on first quarter GDP, as well as the weekly government report on initial jobless claims and data on pending home sales.


(COZ forex UK)