AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.28% against the USD to close at 1.0253, after building approvals in Australia slumped 5.5% in March.
LME Copper prices declined 0.1% or $4.50/MT to $6870.5/MT. Aluminium prices rose 0.8% or $14.50/MT to $1803.0/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0266, with the AUD trading 0.13% higher from yesterday’s close.
This morning, the producer price index (PPI) in Australia climbed 0.3% (QoQ) in the Q12013, compared to a rise of 0.2% recorded in the Q42012. Moreover, the Australian Industry Group/Commonwealth Bank of Australia’s performance of services index fell to a reading of 44.1 in April, from a reading of 49.6 recorded in March. Meanwhile, in China, the non manufacturing purchasing managers’ index (PMI) declined to a level of 54.5 in April, from a level of 55.6 reported in March.
The pair is expected to find support at 1.0231, and a fall through could take it to the next support level of 1.0196. The pair is expected to find its first resistance at 1.0291, and a rise through could take it to the next resistance level of 1.0316.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
