AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.27% against the USD and closed at 0.6999.
In the Asian session, at GMT0300, the pair is trading at 0.6997, with the AUD trading a tad lower against the USD from yesterday’s close.
Overnight data showed that Australia’s AIG performance of services index climbed to a level of 46.5 in April, compared to a reading of 44.8 in the prior month.
On the other hand, the nation’s seasonally adjusted building approvals tumbled 15.5% in March, compared to a surge of 19.1% in the previous month. Market had envisaged building approvals to record a decline of 12.0%. Also, the CBA final services PMI fell to a level of 50.1 in April, following a reading of 50.5 in the prior month.
The pair is expected to find support at 0.6978, and a fall through could take it to the next support level of 0.6960. The pair is expected to find its first resistance at 0.7022, and a rise through could take it to the next resistance level of 0.7048.
Going ahead, traders would await the Reserve Bank of Australia’s interest rate decision followed by Australia’s retail sales, trade balance data and AiG performance of construction index, all set to release next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
