AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.38% against the USD and closed at 0.7538.
LME Copper prices rose 0.7% or $40.5/MT to $5652.5/MT. Aluminium prices rose 0.8% or $15.0/MT to $1943.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7512, with the AUD trading 0.34% lower against the USD from yesterday’s close, following the release of a softer-than-expected inflation data.
Early morning data revealed that Australia’s consumer price index (CPI) climbed 0.5% on a quarterly basis in 1Q 2017, falling short of market expectations for a rise of 0.6% and compared to a similar rise in the previous quarter. Meanwhile, on an annual basis, the CPI advanced 2.1% in the first quarter of 2017, surpassing the 2.0% mark for the first time since 2014, thus easing the threat of deflation in the nation. The CPI had advanced 1.5% in the prior quarter, whereas markets anticipated for a rise of 2.2%.
The pair is expected to find support at 0.7489, and a fall through could take it to the next support level of 0.7466. The pair is expected to find its first resistance at 0.7549, and a rise through could take it to the next resistance level of 0.7586.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
