AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.57% against the USD and closed at 0.7486.
LME Copper prices declined 0.08% or $5.5/MT to $6777.5/MT. Aluminium prices rose 1.53% or $34.0/MT to $2258.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7500, with the AUD trading 0.19% higher against the USD from yesterday’s close.
On the macro front, in China, Australia’s largest trading partner, the Caixin/Markit manufacturing PMI recorded an unexpected rise to a level of 51.1 in April, compared to a level of 51.0 in the previous month, while markets were anticipating for a drop to a level of 50.9.
The pair is expected to find support at 0.7466, and a fall through could take it to the next support level of 0.7433. The pair is expected to find its first resistance at 0.754, and a rise through could take it to the next resistance level of 0.7581.
Looking forward, the release of Australia’s AiG performance of services index for April as well as trade balance and building approvals data, both for March, will be eyed by market participants.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
