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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 6.23% against the USD and closed at 0.6474.

LME Copper prices rose 0.1% or $3.0/MT to $5234.0/MT. Aluminium prices declined 0.8% or $11.5/MT to $1443.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6474, with the AUD trading flat against the USD from yesterday’s close.

Overnight data showed that Australia’s Westpac consumer confidence rose 16.4% to 88.1 in May, compared to a level of 75.6 in the previous month.

The pair is expected to find support at 0.6427, and a fall through could take it to the next support level of 0.6381. The pair is expected to find its first resistance at 0.6528, and a rise through could take it to the next resistance level of 0.6583.

Looking ahead, investors would keep close watch on Australia’s consumer inflation expectations for May and unemployment rate for April, slated to release overnight.

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

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