AUD/USD: Aussie trading on a stronger footing this morning


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.49% against the USD and closed at 0.7347.

LME Copper prices rose 0.6% or $30.0/MT to $5496.0/MT. Aluminium prices declined 0.3% or $5.0/MT to $1874.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7353, with the AUD trading 0.08% higher against the USD from yesterday’s close.

On the macro front, in China, Australia’s largest trading partner, the consumer price index (CPI) advanced 1.2% on an annual basis in April, exceeding market expectations for a gain of 1.1%. In the previous month, the CPI had registered a rise of 0.9%. Meanwhile, the nation’s producer price index (PPI) climbed less-than-expected by 6.4% YoY in April, compared to market consensus for an increase of 6.7%. The PPI had risen 7.6% in the previous month.

The pair is expected to find support at 0.7330, and a fall through could take it to the next support level of 0.7306. The pair is expected to find its first resistance at 0.7373, and a rise through could take it to the next resistance level of 0.7392.

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

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