AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 5.91% against the USD and closed at 0.6496.
LME Copper prices rose 0.1% or $4.0/MT to $5,169.5/MT. Aluminium prices declined 0.5% or $7.5/MT to $1465.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6527, with the AUD trading 0.48% higher against the USD from yesterday’s close, after Australia’s first quarter inflation accelerated to its highest level in over five years.
Overnight data showed that Australia’s consumer price index rose 0.3% on a quarterly basis in first quarter of 2020, beating market expectations for a rise of 0.2% and compared to a rise of 0.7% in the prior quarter.
The pair is expected to find support at 0.6464, and a fall through could take it to the next support level of 0.6401. The pair is expected to find its first resistance at 0.6560, and a rise through could take it to the next resistance level of 0.6593.
Moving forward, investors would keep a close watch on Australia’s private sector credit demand for March, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
