AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.19% against the USD and closed at 0.7544.
LME Copper prices rose 0.2% or $13.0/MT to $5752.0/MT. Aluminium prices declined 0.7% or $13.5/MT to $1888.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7559, with the AUD trading 0.2% higher against the USD from yesterday’s close.
Early morning data indicated that Australia’s NAB business confidence index sharply dropped to a level of 7.0 in May, following a reading of 13.0 in the prior month. Moreover, the nation’s NAB business conditions index eased to a level of 12.0 in May, compared to a level of 13.0 in the prior month.
The pair is expected to find support at 0.7532, and a fall through could take it to the next support level of 0.7506. The pair is expected to find its first resistance at 0.7575, and a rise through could take it to the next resistance level of 0.7592.
Going ahead, traders will keep a close watch on Australia’s Westpac consumer confidence index for June, scheduled to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
