AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.85% against the USD to close at 1.0283.
LME Copper prices declined 2.8% or $198.50/MT to $6875.0/MT. Aluminium prices declined 3.1% or $58.00/MT to $1788.5/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0246, with the AUD trading 0.36% lower from yesterday’s close, as data released this morning indicated that building approvals in Australia slipped 5.5% (MoM) in March, against the market expectations of a 1.0% rise and compared to a 3.1% rise recorded in February. Separately, export price index rose 2.8% (QoQ) in the Q12013, while the import price index recoded a flat change in the Q12013.
The Australian Dollar further came under pressure, after China’s HSBC manufacturing PMI declined to a reading of 50.4 in April, from a reading of 51.6 in March.
The pair is expected to find support at 1.0199, and a fall through could take it to the next support level of 1.0153. The pair is expected to find its first resistance at 1.0333, and a rise through could take it to the next resistance level of 1.0421.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
