AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 2.23% against the USD to close at 0.7498.
LME Copper prices declined 1.68% or $85.0 /MT to $4960.0 /MT. Aluminium prices declined 2.63% or $44.0 /MT to $1629.0 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7485, with the AUD trading 0.18% lower from yesterday’s close.
Overnight data showed that Australia’s AIG performance of service index rose to a level of 49.7 in April, from a reading of 49.5 in the previous month.
The pair is expected to find support at 0.7394, and a fall through could take it to the next support level of 0.7304. The pair is expected to find its first resistance at 0.7648, and a rise through could take it to the next resistance level of 0.7812.
Going ahead, investors will look forward to Australia’s retail sales and trade balance data, scheduled to release in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
