AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.27% against the USD to close at 1.0371, as the greenback weakened after an index of Chicago-area manufacturing plunged to its worst level in more than three years in April, ahead of a closely followed national index due for release.
LME Copper prices declined 0.1% or $5.50/MT to $7073.5/MT. Aluminium prices remained flat at $1846.5/MT.
In the Asian session, at GMT0300, the pair is trading at 1.037, with the AUD trading marginally lower from yesterday’s close.
This morning the Australian Industry Group (AiG) indicated that its performance of manufacturing index (PMI) fell to a reading of 36.7 in April, from a reading of 44.4 registered in the previous month. Separately, new home sales in Australia rose 4.2% (MoM) in March, compared to a drop of 5.3% recorded in the previous month.
Meanwhile, in China, manufacturing purchasing managers’ index declined to a reading of 50.6 in April from 50.9 recorded in March.
The pair is expected to find support at 1.0337, and a fall through could take it to the next support level of 1.0304. The pair is expected to find its first resistance at 1.0395, and a rise through could take it to the next resistance level of 1.0420.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
