AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.08% against the USD and closed at 0.7438.
LME Copper prices rose 0.1% or $6.0/MT to $5671.0/MT. Aluminium prices declined 0.2% or $4.0/MT to $1950.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7427, with the AUD trading 0.15% lower against the USD from yesterday’s close.
Early morning data indicated that Australia’s seasonally adjusted building approvals rebounded 4.4% on a monthly basis in April, more than market expectations for an advance of 3.0%. In the preceding month, building approvals had fallen 10.3% in the prior month.
The pair is expected to find support at 0.7412, and a fall through could take it to the next support level of 0.7397. The pair is expected to find its first resistance at 0.7446, and a rise through could take it to the next resistance level of 0.7465.
Looking ahead, investors will focus on Australia’s private sector credit data for April, slated to release tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
