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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.08% against the USD and closed at 0.7164.

LME Copper prices rose 0.1% or $4.0/MT to $6460.0/MT. Aluminium prices declined 0.2% or $4.5/MT to $1839.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7196, with the AUD trading 0.45% higher against the USD from yesterday’s close.

Elsewhere in China, Australia’s largest trading partner, China’s gross domestic product (GDP) rose 6.4% on an annual basis in 1Q 2019, compared to a similar rise in the prior quarter. Market participants had expected the GDP to increase 6.3%. Also, the nation’s industrial production rose 8.5% on an annual basis in March, higher than market consensus for an advance of 6.0%. In the prior month, industrial production had registered a similar gain. Moreover, retail sales advanced 8.7% on a yearly basis in March, surpassing market expectations for a rise of 8.4%. Retail sales had recorded a rise of 8.2% in the prior month.

The pair is expected to find support at 0.7155, and a fall through could take it to the next support level of 0.7115. The pair is expected to find its first resistance at 0.7221, and a rise through could take it to the next resistance level of 0.7247.

Going forward, traders will keep a tab on Australia’s NAB business confidence for the first quarter and unemployment rate for March, slated to release overnight.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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