AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 7.0% against the USD and closed at 0.6421 on Friday.
LME Copper prices declined 3.3% or $170.0/MT to $5,061.0/MT. Aluminium prices fell 1.4% or $20.5/MT to $1,440.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6395, with the AUD trading 0.40% lower against the USD from Friday’s close.
Overnight data showed that Australia’s building permits slid 4.0% on a monthly basis in March, less than market expectations for a drop of 15.0% and compared to a rise of 19.9% in the prior month.
The pair is expected to find support at 0.6352, and a fall through could take it to the next support level of 0.6310. The pair is expected to find its first resistance at 0.6458, and a rise through could take it to the next resistance level of 0.6522.
Looking ahead, investors would keep a watch on Australia’s AiG performance of construction index and the Commonwealth Bank services PMI, both for April, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
