AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.73% against the USD to close at 0.9825.
LME Copper prices are trading flat to $7095.5/MT. Aluminium prices rose 0.1% or $2.00/MT to $1802.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9760, with the AUD trading 0.66% lower from yesterday’s close.
This morning, data released from China, Australia’s biggest trading partner indicated that, the nation’s leading economic index rebounded to a reading of 1.5 in April, from a reading of -0.6 recorded in the previous month.
The pair is expected to find support at 0.9708, and a fall through could take it to the next support level of 0.9657. The pair is expected to find its first resistance at 0.9855, and a rise through could take it to the next resistance level of 0.9951.
With no major domestic data scheduled for release ahead in the day, the AUD is expected to closely track construction data from the Euro-zone and consumer sentiment data from the US, for clarity on risk appetite among market participants.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
