AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.58% against the USD and closed at 0.7502.
LME Copper prices declined 0.65% or $44.5/MT to $6841.5/MT. Aluminium prices declined 0.96% or $44.5/MT to $2260.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7490, with the AUD trading 0.16% lower against the USD from yesterday’s close.
Early morning data showed that Australia’s seasonally adjusted building approvals retreated more-than-anticipated by 5.0% MoM in April, weighed by a sharp plunge in apartments. Market participants had envisaged building approvals to drop 3.0%, after registering a revised gain of 3.5% in the previous month.
The pair is expected to find support at 0.7462, and a fall through could take it to the next support level of 0.7435. The pair is expected to find its first resistance at 0.7531, and a rise through could take it to the next resistance level of 0.7573.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
