AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.16% against the USD to close at 0.9261.
LME Copper prices rose 0.4% or $29.0/MT to $7020.0/MT. Aluminium prices declined 0.2% or $4.0/MT to $1777.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9262, with the AUD trading a tad higher from yesterday’s close.
Earlier today, data from Australia, showed that the Westpac leading index fell 0.5% (MoM) to a level of 98.0 in April while another report revealed that the total construction work done in the economy during the first quarter rose 0.3% to A$53.621 billion. Separately, data from Australia’s largest trading partner, China, showed that the year-to-date industrial profit rose 10.0% (YoY) in April.
The pair is expected to find support at 0.9236, and a fall through could take it to the next support level of 0.9211. The pair is expected to find its first resistance at 0.9283, and a rise through could take it to the next resistance level of 0.9305.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
