AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.91% against the USD and closed at 0.7766.
LME Copper prices rose 1.8% or $121.0/MT to $6888.0/MT. Aluminium prices rose 2.8% or $58.5/MT to $2171.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7752, with the AUD trading 0.18% lower against the USD from yesterday’s close.
Data released overnight revealed that Australia’s Westpac consumer confidence index declined 0.6% on a monthly basis, to a level of 102.4 in April. In the previous month, the index had recorded a reading of 103.0.
Elsewhere in China, Australia’s largest trading partner, the consumer price index (CPI) advanced 2.1% on an annual basis in March, underscoring market expectations for a gain of 2.6%. The CPI had registered a rise of 2.9% in the prior month. Further, the nation’s producer price index (PPI) grew 3.1% on a yearly basis in March, rising at its weakest pace in 17 months. The PPI had registered a rise of 3.7% in the prior month, while markets were anticipating for a gain of 3.3%.
The pair is expected to find support at 0.7719, and a fall through could take it to the next support level of 0.7686. The pair is expected to find its first resistance at 0.7777, and a rise through could take it to the next resistance level of 0.7802.
Looking ahead, Australia’s consumer inflation expectation for April, set to release overnight, will be on investors’ radar.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
