AUD/USD: Aussie trading on a stronger footing in the morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.86% against the USD and closed at 0.7605.

LME Copper prices declined 0.23% or $16.0/MT to $6923.0/MT. Aluminium prices declined 0.45% or $11.0/MT to $2452.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7612, with the AUD trading 0.09% higher against the USD from yesterday’s close.

Overnight data revealed that Australia’s consumer price index (CPI) advanced less-than-anticipated by 0.4% on a quarterly basis in the first three months of 2018, compared to a rise of 0.6% in the prior quarter. Markets were anticipating the CPI to climb 0.5%.

The pair is expected to find support at 0.7567, and a fall through could take it to the next support level of 0.7522. The pair is expected to find its first resistance at 0.7670, and a rise through could take it to the next resistance level of 0.7728.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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