AUD/USD: Aussie reverses its gains in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.06% against the USD and closed at 0.7057.

LME Copper prices declined 0.3% or $17.0/MT to $6376.0/MT. Aluminium prices declined 0.9% or $16.0/MT to $1816.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7047, with the AUD trading 0.14% lower against the USD from yesterday’s close. Overnight data showed that in Australia, private sector credit demand rose 3.9% on an annual basis in March, less than market expectations. The private sector credit demand had advanced by a revised 4.1% in the prior month.

Elsewhere in China, Australia’s largest trading partner, the NBS manufacturing PMI unexpectedly declined to a level of 50.1 in April, defying market consensus for a steady reading. In the prior month, the NBS manufacturing PMI had registered a reading of 50.5.

The pair is expected to find support at 0.7031, and a fall through could take it to the next support level of 0.7015. The pair is expected to find its first resistance at 0.7066, and a rise through could take it to the next resistance level of 0.7085.

Going forward, traders would await Australia’s AiG performance of manufacturing index and the CBA manufacturing PMI, both for April, salted to release overnight.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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