AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.17% against the USD and closed at 0.7555.
LME Copper prices declined 1.08% or $75.0/MT to $6885.5/MT. Aluminium prices declined 1.96% or $44.0/MT to $2204.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7557, with the AUD trading slightly higher from yesterday’s close.
Australia’s producer price index (PPI) advanced 0.5% QoQ in the first three months of 2018, compared to a rise of 0.6% in the prior quarter.
The pair is expected to find support at 0.7534, and a fall through could take it to the next support level of 0.7512. The pair is expected to find its first resistance at 0.7584, and a rise through could take it to the next resistance level of 0.7612.
Next week, investors would focus on the Reserve Bank of Australia’s (RBA) monetary policy decision.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
