AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.15% against the USD to close at 0.9283.
LME Copper prices declined 0.7% or $46.0/MT to $6724.0/MT. Aluminium prices fell 0.6% or $10.0/MT to $1769.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9291, with the AUD trading 0.09% higher from yesterday’s close. Early morning, data from Australia showed that the AiG performance of manufacturing index declined to a reading of 44.8 in April, the sharpest drop since July 2013 while import and export price index rose 3.2% and 3.6%, respectively, in the first quarter.
Meanwhile, data from China, Australia’s largest trading partner, showed that the NBS manufacturing PMI rose marginally to a reading of 50.4 last month, from a reading of 50.3 in March. However, the rise in the index was less than market expectations for a reading of 50.5 in April.
The pair is expected to find support at 0.9259, and a fall through could take it to the next support level of 0.9228. The pair is expected to find its first resistance at 0.9314, and a rise through could take it to the next resistance level of 0.9338.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
