AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 8.53% against the USD and closed at 0.6315.
LME Copper prices rose 0.8% or $39.5/MT to $5,034.0/MT. Aluminium prices climbed 1.3% or $18.0/MT to $1,461.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6304, with the AUD trading 0.17% lower against the USD from yesterday’s close.
Overnight data showed that the Commonwealth Bank services PMI unexpectedly dropped to 19.6 in April, defying market expectations for a rise to a level of 46.6 and compared to a reading of 38.5 in the prior month. Additionally, the Commonwealth Bank manufacturing PMI fell to a 45.6 in April, more market expectations for a fall to a level of 49.2. In the previous month, the PMI had recorded a level of 49.7.
The pair is expected to find support at 0.6274, and a fall through could take it to the next support level of 0.6245. The pair is expected to find its first resistance at 0.6342, and a rise through could take it to the next resistance level of 0.6381.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
