AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.95% against the USD, on Friday, to close at 1.0461, after disappointing data on US first quarter growth added to expectations that the Federal Reserve may implement fresh easing measures.
In the Asian session, at GMT0300, the pair is trading at 1.0448, with the AUD trading 0.13% lower from Friday’s close.
This morning, in Australia, the TD securities inflation rose 0.3% (MoM) in April, compared to 0.5% rise in March. Additionally, the private sector credit rose 0.4% (MoM) in March, unchanged from previous month. Market had expected 0.3% rise in March.
LME Copper prices rose 1.1% or $87.8 /MT to $8,443.3 / MT. Aluminium prices rose 1.4% or $27.8 /MT to $2,068.0 / MT.
The pair is expected to find support at 1.0376, and a fall through could take it to the next support level of 1.0304. The pair is expected to find its first resistance at 1.0497, and a rise through could take it to the next resistance level of 1.0546.
The pair is expected to trade on the cues from the release of AiG performance of manufacturing index in Australia.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
