AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.59% against the USD and closed at 0.7381.
LME Copper prices rose 0.4% or $21.0/MT to $5636.5/MT. Aluminium prices rose 0.6% or $10.5/MT to $1930.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7382, with the AUD trading marginally higher against the USD from yesterday’s close.
Early morning data indicated that Australia’s HIA new home sales rebounded 0.8% on a monthly basis in April, following a drop of 1.1% in the prior month.
The pair is expected to find support at 0.7363, and a fall through could take it to the next support level of 0.7345. The pair is expected to find its first resistance at 0.7410, and a rise through could take it to the next resistance level of 0.7439.
Next week, market participants will keep a close watch on the Reserve Bank of Australia’s (RBA) interest rate decision along with Australia’s 1Q GDP data.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
