AUD/USD: Australia’s Westpac consumer confidence declined in April


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.12% against the USD and closed at 0.7502.

LME Copper prices rose 0.3% or $15.0/MT to $5746.0/MT. Aluminium prices declined 1.1% or $21.5/MT to $1907.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7485, with the AUD trading 0.23% lower against the USD from yesterday’s close.

Earlier in the session, data revealed that Australia’s Westpac consumer confidence index dropped 0.7% in April, following a gain of 0.1% in the preceding month.

Elsewhere, in China, Australia’s largest trading partner, the consumer price index (CPI) rose less-than-anticipated by 0.9% YoY in March, compared to market expectations for an advance of 1.0% and following a gain of 0.8% in the previous month. Moreover, the nation’s producer price index climbed more-than-anticipated 7.6% YoY in March, after recording a rise of 7.8% in the previous month.

The pair is expected to find support at 0.7466, and a fall through could take it to the next support level of 0.7446. The pair is expected to find its first resistance at 0.751, and a rise through could take it to the next resistance level of 0.7534.

Looking ahead, Australia’s unemployment rate data for March, slated to release tomorrow, will be on investor’s radar.

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

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