AUD/USD: Australia’s Westpac consumer confidence eased in May


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.74% against the USD and closed at 0.7470.

LME Copper prices declined 0.08% or $5.5/MT to $6822.5/MT. Aluminium prices rose 1.2% or $27.5/MT to $2313.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7467, with the AUD trading slightly lower against the USD from yesterday’s close.

Overnight data revealed that Australia’s Westpac consumer confidence index dropped 0.6% on monthly basis, to a level of 101.8 in May, compared to a level of 102.4 in the prior month.

The pair is expected to find support at 0.7432, and a fall through could take it to the next support level of 0.7396. The pair is expected to find its first resistance at 0.7518, and a rise through could take it to the next resistance level of 0.7568.

Going forward, Australia’s unemployment rate data for April and consumer inflation expectations for May, scheduled to release in the early hours of tomorrow, will be on investors’ radar.

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

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