AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.49% against the USD to close at 0.7223.
LME Copper prices rose 1.50% or $69.5/MT to $4705.5/MT. Aluminium prices rose 0.91% or $14.0/MT to $1553.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7214, with the AUD trading 0.12% lower from yesterday’s close.
Early this morning, in China, Australia’s largest trading partner, industrial profits rose 4.2% YoY in April, compared to a 11.1% rise in the previous month.
The pair is expected to find support at 0.7181, and a fall through could take it to the next support level of 0.7148. The pair is expected to find its first resistance at 0.7245, and a rise through could take it to the next resistance level of 0.7276.
Going ahead, market participants will look forward to Australia’s retail sales, 1Q GDP, trade balance and the AiG performance of manufacturing index data, all scheduled to release next week.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
