AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.22% against the USD and closed at 0.6990.
LME Copper prices rose 0.1% or $8.0/MT to $5804.0/MT. Aluminium prices declined 0.7% or $12.0/MT to $1751.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7000, with the AUD trading 0.14% higher against the USD from yesterday’s close.
Overnight data revealed that Australia’s seasonally adjusted gross domestic product (GDP) advanced 0.4% on a quarterly basis in 1Q 2019, compared to a rise of 0.2% in the prior quarter. Market participants had expected GDP to record a gain of 0.5%. Moreover, the nation’s AIG performance of services index climbed to a level of 52.5 in May, compared to a reading of 46.5 in the preceding month. Meanwhile, the CBA services PMI declined to a level of 51.5 in May, compared to a reading of 52.3 in the prior month.
Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit services PMI index dropped to a level of 52.7 in May, compared to a reading of 54.5 in the previous month. Market participants had expected the PMI to drop to a level of 54.0.
The pair is expected to find support at 0.6970, and a fall through could take it to the next support level of 0.6940. The pair is expected to find its first resistance at 0.7017, and a rise through could take it to the next resistance level of 0.7034.
Moving ahead, traders would await Australia’s trade balance data for April, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
