AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.16% against the USD and closed at 0.7461.
LME Copper prices rose 0.95% or $64.0/MT to $6786.0/MT. Aluminium prices declined 3.73% or $89.0/MT to $2295.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7468, with the AUD trading 0.09% higher against the USD from yesterday’s close.
Earlier today, in China, Australia’s largest trading partner, the consumer price index (CPI) rose 1.8% on an annual basis in April, undershooting market expectations for an advance of 1.9%. In the previous month, the CPI had recorded a rise of 2.1%. Furthermore, the nation’s producer price index (PPI) grew 3.4% on an annual basis in April, at par with market expectations. The PPI had registered a rise of 3.1% in the prior month.
The pair is expected to find support at 0.7428, and a fall through could take it to the next support level of 0.7387. The pair is expected to find its first resistance at 0.7493, and a rise through could take it to the next resistance level of 0.7517.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
