AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.68% against the USD to close at 0.7235.
LME Copper prices declined 0.54% or $25.5/MT to $4700.0/MT. Aluminium prices declined 0.26% or $4.0/MT to $1548.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7282, with the AUD trading 0.65% higher from yesterday’s close.
Overnight data showed that, Australia’s AiG performance of manufacturing index dropped to a level of 51.0 in May, following a reading of 53.4 in the previous month.
Early this morning, data revealed that the nation’s GDP advanced more-than-expected by 1.1% QoQ in 1Q 2016, propelled by strong export volumes and household spending. Markets were anticipating GDP to advance 0.8%, from a revised advance of 0.7% in the previous quarter.
Meanwhile in China, Australia’s largest trading partner, the Caixin manufacturing PMI fell in line with market expectations to a level of 49.2 in May, shrinking for the 15th consecutive month, following a reading of 49.4 in the previous month. Additionally, the nation’s official non-manufacturing PMI fell to a level of 53.1 in May, from a level of 53.5 in the prior month. Further, the nation’s NBS manufacturing PMI remained steady at a level of 50.1 in May.
The pair is expected to find support at 0.7229, and a fall through could take it to the next support level of 0.7176. The pair is expected to find its first resistance at 0.7317, and a rise through could take it to the next resistance level of 0.7352.
Going ahead, investors will look forward to Australia’s trade balance and retail sales data, both for the month of April, scheduled to release in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
