AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.64% against the USD to close at 0.7746.
LME Copper prices rose 1.76% or $87.0/MT to $5025.5 /MT. Aluminium prices rose 1.88% or $30.0/MT to $1628.0 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7756, with the AUD trading 0.13% higher from yesterday’s close.
Early this morning, in China, Australia’s largest trading partner, data showed that the nation’s MNI business sentiment indicator entered into the expansionary territory by registering a level of 50.5 in April, mainly led by gains in new orders. The indicator had recorded a reading of 49.9 in the previous month.
The pair is expected to find support at 0.7714, and a fall through could take it to the next support level of 0.7672. The pair is expected to find its first resistance at 0.7817, and a rise through could take it to the next resistance level of 0.7878.
Moving ahead, market participants will look forward to Australia’s consumer price index and private sector credit data along with China’s Westpac-MNI consumer sentiment indicator data, all scheduled to release next week.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
