AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 1.20% against the USD and closed at 0.7012.
LME Copper prices rose 0.1% or $7.5/MT to $6437.5/MT. Aluminium prices declined 0.1% or $1.0/MT to $1854.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7021, with the AUD trading 0.13% higher against the USD from yesterday’s close.
The pair is expected to find support at 0.7000, and a fall through could take it to the next support level of 0.6979. The pair is expected to find its first resistance at 0.7046, and a rise through could take it to the next resistance level of 0.7071.
Looking ahead, investors would closely monitor Australia’s producer price index for the first quarter of 2019, set to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
