AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.72% against the USD to close at 0.7370.
LME Copper prices declined 0.62% or $29.5 /MT to $4710.0 /MT. Aluminium prices declined 0.90% or $14.0 /MT to $1542.5 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7356, with the AUD trading 0.19% lower from yesterday’s close.
Early this morning, data showed that Australia’s Westpac consumer confidence index surged to a two-year high level of 103.2 in May, from a reading of 95.1 in the previous month. Additionally, the nation’s home loan approvals fell less-than-expected by 0.9% in March, compared to a revised advance of 0.9% in the prior month. Market expectation was for home loan approvals to drop 1.5%.
Moving ahead, investors will look forward to the release of Australia’s consumer inflation expectations index for May, scheduled to release in the early hours tomorrow.
The pair is expected to find support at 0.7320, and a fall through could take it to the next support level of 0.7284. The pair is expected to find its first resistance at 0.7392, and a rise through could take it to the next resistance level of 0.7429.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
