AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.15% against the USD to close at 0.7186.
LME Copper prices rose 0.43% or $20.0/MT to $4725.5/MT. Aluminium prices declined 0.06% or $1.0/MT to $1552.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7235, with the AUD trading 0.68% higher from yesterday’s close.
Early this morning, data showed that Australia’s building approvals surprisingly advanced by 3.0% MoM in April, compared to market expectations for a drop of 3.0%. Building approvals had risen by a revised 2.9% in the prior month. Additionally, the nation’s private sector credit rose in line with market expectations by 0.5% MoM in April, following a 0.4% rise in the previous month.
The pair is expected to find support at 0.7179, and a fall through could take it to the next support level of 0.7124. The pair is expected to find its first resistance at 0.7265, and a rise through could take it to the next resistance level of 0.7296.
Going ahead, investors will look forward to the release of Australia’s AiG performance of manufacturing index data for May, scheduled to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
