AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 7.49% against the USD and closed at 0.6387.
LME Copper prices rose 1.7% or $88.0/MT to $5,199.5/MT. Aluminium prices climbed 0.3% or $4.5/MT to $1443.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6416, with the AUD trading 0.45% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s AiG performance of services index dropped to 27.1 in April, compared to a level of 38.7 in the previous month. Meanwhile, trade surplus widened to A$10.6 billion in March, compared to a surplus of A$3.9 billion in the prior month. Market participants were expecting the nation to record a surplus of A$6.8 billion.
Elsewhere in China, Australia’s largest trading partner, the Caixin services PMI climbed to 44.4 in April, less than market expectations for a rise to a level of 51.0 and compared to a reading of 43.0 in the previous month. Additionally, the nation’s trade surplus widened to $45.3 billion in April, more than market expectations for a surplus of $6.3 billion and compared to a revised surplus of $19.9 billion in the previous month.
The pair is expected to find support at 0.6379, and a fall through could take it to the next support level of 0.6342. The pair is expected to find its first resistance at 0.6453, and a rise through could take it to the next resistance level of 0.6490.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
