AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.96% against the USD to close at 0.7917.
LME Copper prices declined 1.77% or $113.0/MT to $6270.0/MT. Aluminium prices declined 2.51% or $45.0/MT to $1750.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7926, with the AUD trading 0.11% higher from yesterday’s close.
Early morning data revealed that Australia’s Westpac consumer confidence jumped 6.4% to a level of 102.4 in May, following a 3.2% drop in the preceding month.
The pair is expected to find support at 0.7878, and a fall through could take it to the next support level of 0.7830. The pair is expected to find its first resistance at 0.7994, and a rise through could take it to the next resistance level of 0.8061.
Moving ahead, market attention will now be on Australia’s consumer inflation expectation data, scheduled in the early hours tomorrow for further cues on the direction of interest rates in the nation.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
