AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.63% against the USD to close at 1.0487.
LME Copper prices rose 0.4% or $28.0/MT to $7485.5/MT. Aluminium prices declined 0.4% or $7.0/MT to $1858.5/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0509, with the AUD trading 0.21% higher from yesterday’s close.
Economic data released this morning indicated that, consumer confidence in Australia dropped 5.1% to a reading of 104.9 in April, from a 2.0% growth recorded in the previous month. Also, adding to the woes, exports in China, Australia’s biggest trading partner, rose less than expected in March.
The pair is expected to find support at 1.0442, and a fall through could take it to the next support level of 1.0376. The pair is expected to find its first resistance at 1.0547, and a rise through could take it to the next resistance level of 1.0586.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
