AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.14% against the USD to close at 0.9277, buoyed by a more-than-expected rise in Australia’s first-quarter GDP.
LME Copper prices declined 1.4% or $95.0/MT to $6835.0/MT. Aluminium prices edged down 0.3% or $6.0/MT to $1796.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9278, with the AUD trading marginally higher from yesterday’s close.
In economic news, the Australian Bureau of Statistics reported that Australia unexpectedly posted a seasonally adjusted trade deficit of $122.0 million in April, compared to a revised trade surplus of $902.0 million in March.
The pair is expected to find support at 0.9260, and a fall through could take it to the next support level of 0.9242. The pair is expected to find its first resistance at 0.9293, and a rise through could take it to the next resistance level of 0.9308.
The currency pair is showing convergence with its 20 Hr and is trading just above its 50 Hr moving average.
