AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened marginally against the USD to close at 0.9818, as commodity prices recovered.
LME Copper prices rose 1.5% or $108.00/MT to $7384.0/MT. Aluminium prices rose 1.3% or $24.00/MT to $1835.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9788, with the AUD trading 0.31% lower from yesterday’s close.
In Australia, the Westpac consumer confidence index dropped to a reading of 97.6 in May, from a reading of 104.9 recorded in the previous month.
The pair is expected to find support at 0.9745, and a fall through could take it to the next support level of 0.9701. The pair is expected to find its first resistance at 0.9838, and a rise through could take it to the next resistance level of 0.9887.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
