AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.12% against the USD to close at 0.9272.
In economic news, the Reserve Bank of Australia’s (RBA) index of commodity prices fell to a new four-year low in April.
LME Copper prices declined 0.8% or $53.5/MT to $6670.5/MT. Aluminium prices slid 1.9% or $33.0/MT to $1736.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9278, with the AUD trading 0.06% higher from yesterday’s close, after producer price index in Australia rose 0.9% (QoQ) in the first quarter, more than analysts’ expectations and compared to a 0.2% rise in the preceding quarter. Separately, the Housing Industry Association (HIA) reported that its index on new home sales in Australia rose 0.2% in March from February, when it registered a rise of 4.6%.
The pair is expected to find support at 0.9253, and a fall through could take it to the next support level of 0.9228. The pair is expected to find its first resistance at 0.9309, and a rise through could take it to the next resistance level of 0.9340.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
