AUD/USD: Aussie trading a tad higher in the morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.3% against the USD and closed at 0.7393 on Friday.

LME Copper prices declined 1.1% or $60.5/MT to $5520.0/MT. Aluminium prices declined 0.4% or $7.0/MT to $1880.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7395, with the AUD trading slightly higher against the USD from Friday’s close.

Early morning data revealed that Australia’s seasonally adjusted home loan approvals unexpectedly eased 0.5% in March, compared to a revised fall of 0.8% in the previous month, while markets were anticipating for a flat reading.

Elsewhere, in China, Australia’s largest trading partner, industrial production rose less-than-anticipated by 6.5% YoY in April, compared to an advance of 7.6% in the previous month. Markets participants had envisaged industrial production to rise 7.0%. Moreover, the nation’s retail sales climbed less-than-anticipated by 10.7% on an annual basis in April, compared to market consensus for an advance of 10.8%. In the prior month, retail sales had risen 10.9%.

The pair is expected to find support at 0.7368, and a fall through could take it to the next support level of 0.7340. The pair is expected to find its first resistance at 0.7422, and a rise through could take it to the next resistance level of 0.7448.

Looking ahead, investors will look forward to minutes of the Reserve Bank of Australia’s (RBA) latest meeting, scheduled to release in the early hours of tomorrow.

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

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