AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.16% against the USD and closed at 0.7046.
LME Copper prices rose 1.0% or $66.0/MT to $6442.0/MT. Aluminium prices declined 0.4% or $7.0/MT to $1809.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7055, with the AUD trading 0.13% higher against the USD from yesterday’s close.
Overnight data revealed that Australia’s AIG performance of manufacturing index jumped to a level of 54.8 in April, compared to a level of 51.0 in the previous month. Meanwhile, the nation’s CBA manufacturing PMI unexpectedly dropped to a level of 50.9 in April, defying market anticipations for an unchanged reading. In the prior month, the PMI had recorded a reading of 51.0.
The pair is expected to find support at 0.7038, and a fall through could take it to the next support level of 0.7020. The pair is expected to find its first resistance at 0.7066, and a rise through could take it to the next resistance level of 0.7076.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
