AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 1.03% against the USD to close at 0.7922.
LME Copper prices rose 0.75% or $48.0/MT to $6410.0/MT. Aluminium prices declined 0.44% or $8.5/MT to $1910.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7964, with the AUD trading 0.53% higher from yesterday’s close.
Early morning data showed that the seasonally adjusted retail sales in Australia advanced 0.3% MoM in March, lower than market expectations of a 0.4% rise. It had climbed 0.7% in the previous month. Meanwhile, new home sales in the nation rose 4.4% on a monthly basis in March, compared to a gain of 1.10% in the prior month.
Elsewhere, in China, Australia’s biggest trading partner, the HSBC services PMI hit a 4-month high of 52.9 in April, from a level of 52.3 recorded in March.
The pair is expected to find support at 0.7843, and a fall through could take it to the next support level of 0.7722. The pair is expected to find its first resistance at 0.8029, and a rise through could take it to the next resistance level of 0.8094.
Going forward, market participants will keep a tab on Australia’s unemployment rate data, scheduled tomorrow for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
