AUD/USD: Australia’s consumer price inflation cooled in 1Q 2019


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.57% against the USD and closed at 0.7097.

LME Copper prices declined 0.3% or $18.0/MT to $6430.0/MT. Aluminium prices rose 0.9% or $16.0/MT to $1855.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7035, with the AUD trading 0.87% lower against the USD from yesterday’s close.

Overnight data indicated that Australia’s consumer price index (CPI) rose 1.3% on an annual basis in 1Q 2019, compared to a rise of 1.8% in the prior quarter. Market participants had anticipated the CPI to register an increase of 1.5%.

The pair is expected to find support at 0.7001, and a fall through could take it to the next support level of 0.6966. The pair is expected to find its first resistance at 0.7100, and a rise through could take it to the next resistance level of 0.7164.

Amid lack of economic releases in Australia today, traders would focus on global macroeconomic events for further direction.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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