AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.36% against the USD to close at 0.9370.
LME Copper prices edged down slightly by $2.5/MT to $6628.5/MT. Aluminium prices rose 0.5% or $10.0/MT to $1847.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9309, with the AUD trading 0.65% lower from yesterday’s close, after data showed that consumer inflation rate in Australia fell to 0.6% (QoQ) in the first quarter, contradicting analysts’ expectations for the consumer inflation rate to come in unchanged at previous quarter’s level of 0.8%. Negative sentiment was also fuelled after the RBA’s John Edwards highlighted his preference for a weaker Aussie after indicating that a strong lift in export volumes has offset falling commodity prices and has pushed the Australian dollar higher.
The pair is expected to find support at 0.9279, and a fall through could take it to the next support level of 0.9250. The pair is expected to find its first resistance at 0.9359, and a rise through could take it to the next resistance level of 0.9410.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
