AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 7.89% against the USD and closed at 0.6359.
LME Copper prices rose 0.9% or $44.0/MT to $5,098.5/MT. Aluminium prices climbed 0.4% or $6.5/MT to $1,476.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6372, with the AUD trading 0.20% higher against the USD from yesterday’s close.
Elsewhere in China, Australia’s largest trading partner, gross domestic product (GDP) declined 9.8% on a quarterly basis in the first quarter of 2020, less than market expectations for a drop of 9.9%. In the previous quarter, GDP recorded a rise of 1.5%. Additionally, industrial production fell 1.1% on a yearly basis in March, compared to a drop of 13.5% in the prior month. Moreover, retail sales plunged 15.8% on an annual basis in March, compared to a fall of 20.5% in the earlier month.
The pair is expected to find support at 0.6296, and a fall through could take it to the next support level of 0.6220. The pair is expected to find its first resistance at 0.6416, and a rise through could take it to the next resistance level of 0.6460.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
