AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 6.42% against the USD and closed at 0.6461, after data showed that Australia registered sharp job losses in April.
LME Copper prices declined 1.1% or $57.0/MT to $5,155.5/MT. Aluminium prices fell 0.4% or $5.5/MT to $1,433.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6453, with the AUD trading 0.12% lower against the USD from yesterday’s close.
Elsewhere in China, Australia’s largest trading partner, industrial production rose 3.9% on a yearly basis in April, more than market expectations for a rise of 1.5% and compared to a fall of 1.1% in the previous month. Meanwhile, retail sales dropped 7.5% on an annual basis in April, more than market expectations for a drop of 7.0% and compared to a fall of 15.8% in the previous month.
The pair is expected to find support at 0.6413, and a fall through could take it to the next support level of 0.6374. The pair is expected to find its first resistance at 0.6483, and a rise through could take it to the next resistance level of 0.6514.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
