AUD/USD: Australia’s NAB business confidence eased in May


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD slightly declined against the USD and closed at 0.7609.

LME Copper prices declined 0.54% or $39.0/MT to $ 7223.5/MT. Aluminium prices rose 0.55% or $12.5/MT to $2300.00/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7618, with the AUD trading 0.12% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s NAB business confidence index registered a drop to a level of 6.0 in May, compared to a revised reading of 11.0 in the prior month. Additionally, the nation’s NAB business conditions index eased to 15.0 in May, compared to a reading of 21.0 in the previous month.

The pair is expected to find support at 0.7595, and a fall through could take it to the next support level of 0.7571. The pair is expected to find its first resistance at 0.7632, and a rise through could take it to the next resistance level of 0.7645.

Going forward, traders would await Australia’s Westpac consumer confidence for June, due to be released overnight.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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