AUD/USD: Australia’s consumer confidence declined in May


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.12% against the USD and closed at 0.7428.

LME Copper prices declined 0.04% or $2.0/MT to $5584.0/MT. Aluminium prices rose 0.8% or $15.5/MT to $1915.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7415, with the AUD trading 0.18% lower against the USD from yesterday’s close.

Early morning data showed that Australia’s Westpac consumer confidence index eased to a level of 98.0 in May, compared to a level of 99.0 in the previous month.

The pair is expected to find support at 0.7392, and a fall through could take it to the next support level of 0.7368. The pair is expected to find its first resistance at 0.7438, and a rise through could take it to the next resistance level of 0.7460.

Looking ahead, investors will focus on Australia’s unemployment rate for April, scheduled to release in the early hours’ tomorrow.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

This entry was posted in AUD/USD. Bookmark the permalink.

Comments are closed.