AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.66% against the USD to close at 0.7176.
Yesterday, in China, Australia’s largest trading partner, data showed that the nation’s CB leading economic index advanced 0.1% in April, following a 0.3% rise in the previous month.
LME Copper prices rose 1.42% or $65.0/MT to $4637.0/MT. Aluminium prices rose 1.77% or $27.0/MT to $1553.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7191, with the AUD trading 0.21% higher from yesterday’s close.
Early this morning, Australia’s total construction work done fell more-than-expected by 2.6% in 1Q 2016, compared to market expectations for a drop of 1.5%. Construction work done had registered a revised drop of 2.9% in the previous quarter.
The pair is expected to find support at 0.7153, and a fall through could take it to the next support level of 0.7115. The pair is expected to find its first resistance at 0.7226, and a rise through could take it to the next resistance level of 0.7261.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
