AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.59% against the USD to close at 1.0599, after data showed that China’s growth remains steady, boosting demand for the South Pacific nation’s exports.
In the US, the Federal Reserve Bank of Richmond President, Jeffrey Lacker, stated that the recent US economic data have prompted him to consider lowering his forecast for growth.
In Australia, the National Australia Bank (NAB) reported that the confidence index dropped to 6 in May from 7 in April.
The consumer prices in China rose in May in line with the market expectations. Additionally, the industrial production rose slightly higher than market expectations.
In the Asian session at 3:00GMT, the pair is trading at 1.0631, 0.30% higher from yesterday’s close at 23:00 GMT.
LME Copper prices declined 1.2% or $105.5/MT to $8,894.8/ MT. Aluminium prices declined 1.7% or $44.8/MT to $2,559.8/ MT.
The pair is expected to find first short term resistance at 1.0675, with the next resistance levels at 1.0718 and 1.0836, subsequently. The first support for the pair is seen at 1.0557, followed by next supports at 1.0482 and 1.0364 respectively.
The currency pair is trading just above its 20 Hr moving average and its 50 Hr moving average.
