AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.85% against the USD and closed at 0.7474.
LME Copper prices rose 0.4% or $25.0/MT to $5677.5/MT. Aluminium prices rose 0.8% or $14.5/MT to $1957.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7486, with the AUD trading 0.16% higher against the USD from yesterday’s close.
Early morning data showed that Australia’s import price index registered an unexpected rise of 1.2% on a quarterly basis in 1Q 2017, defying market expectations for a fall of 0.5% and following a gain of 0.2% in the previous quarter. Further, the nation’s export price index climbed 9.4% QoQ in 1Q 2017, higher than market consensus for an increase of 8.0%. In the previous quarter, the index had advanced 12.4%.
Elsewhere, in China, Australia’s largest trading partner, industrial profits increased 23.8% on an annual basis in March, after registering a rise of 2.3% in the previous month.
The pair is expected to find support at 0.7451, and a fall through could take it to the next support level of 0.7415. The pair is expected to find its first resistance at 0.7523, and a rise through could take it to the next resistance level of 0.7559.
Moving ahead, traders will look forward to Australia’s private sector credit data for March, scheduled to be released in the early hours of tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
