AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.96% against the USD to close at 0.9238, following dovish comments by the RBA Assistant Governor, Guy Debelle’s speech.
LME Copper prices shed 1.2% or $86.5/MT to $6922.5/MT. Aluminium prices declined 0.1% or $2.5/MT to $1722.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9236, with the AUD trading slightly lower from yesterday’s close, after the Westpac consumer confidence of Australia declined 6.8% in May, the lowest level since August 2011 and as iron ore prices fell to the lowest level since September 2012. Separately, the wage price index in Australia rose 0.7% (QoQ) in the first quarter, in line with market expectations and compared to a similar pace of rise in the preceding quarter.
The pair is expected to find support at 0.9196, and a fall through could take it to the next support level of 0.9155. The pair is expected to find its first resistance at 0.9296, and a rise through could take it to the next resistance level of 0.9355.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
