AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.46% against the USD and closed at 0.7568.
LME Copper prices declined 0.38% or $26.5/MT to $6960.5/MT. Aluminium prices rose 1.17% or $26.0/MT to $2248.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7569, with the AUD trading marginally higher against the USD from yesterday’s close.
In economic news, Australia’s export price index grew 4.9% QoQ in the first quarter of 2018, topping market expectations for a rise of 4.1%. In the prior quarter, the index had risen 2.8%. Moreover, the nation’s import price index advanced more-than-anticipated by 2.1% on a quarterly basis in the first three months of 2018, compared to market consensus for a rise of 1.2%. In the prior quarter, the index had climbed 2.0%.
The pair is expected to find support at 0.755, and a fall through could take it to the next support level of 0.7532. The pair is expected to find its first resistance at 0.7589, and a rise through could take it to the next resistance level of 0.7610.
Going ahead, traders would focus on Australia’s producer price index for Q1, due to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
