AUD/USD up but still close to eleven-month lows

The Australian dollar moved up against its US counterpart during early European trade on Tuesday, as investors await the crucial economic data from United States, scheduled to be released later today. However, AUD/USD still remained close to 11-month lows.

The pair reached 0.9653 in the late hours of Asian session, while currently trading at 0.9656. Support was expected at 0.9594, lowest value from May 23rd, while resistance was to be met at May 24th high, 0.9708.

Us dollar demand was supported by expectations that FED was closer to tapering asset purchasing program, especially with good signals from US later today, regarding improved consumer sentiment and S&P/Case-Shiller Composite-20 Home Price Index, according to projections.

Last week the minutes from FEDs May meeting showed that some policymakers expressed intentions to taper bond purchases in June.