AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 6.89% against the USD and closed at 0.6428.
LME Copper prices declined 0.1% or $3.0/MT to $5,058.0/MT. Aluminium prices fell 0.2% or $3.0/MT to $1,437.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6446, with the AUD trading 0.28% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s AiG performance of construction index dropped to 21.6 in April, compared to a reading of 37.9 in the previous month. Additionally, the Commonwealth Bank services PMI fell to 19.5 in April, more than market expectations for a drop to a level of 19.6 and compared to a revised reading of 38.5 in the earlier month.
The pair is expected to find support at 0.6397, and a fall through could take it to the next support level of 0.6349. The pair is expected to find its first resistance at 0.6474, and a rise through could take it to the next resistance level of 0.6503.
Moving ahead, investors would keep a watch on the Reserve Bank of Australia’s interest rate decision and Australia’s retail sales for March, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
