AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.44% against the USD and closed at 0.7425.
LME Copper prices rose 0.1% or $7.5/MT to $5615.5/MT. Aluminium prices declined 1.2% or $24.0/MT to $1919.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7391, with the AUD trading 0.46% lower against the USD from yesterday’s close, following dismal Australian manufacturing data.
Overnight data revealed that Australia’s AiG performance of manufacturing index declined to a level of 54.8 in May. In the previous month, the index had recorded a reading of 59.2.
On the other hand, the nation’s seasonally adjusted retail sales climbed 1.0% on a monthly basis in April, advancing by the most in nearly three years and surpassing market expectations for an advance of 0.3%. In the previous month, retail sales had registered a revised drop of 0.2%.
Elsewhere, in China, Australia’s largest trading partner, the Caixin/Markit manufacturing PMI index fell to a level of 49.6 in May, dropping into the contraction territory, compared to a level of 50.3 in the previous month. Market anticipation was for the PMI to drop to 50.1.
The pair is expected to find support at 0.7361, and a fall through could take it to the next support level of 0.7332. The pair is expected to find its first resistance at 0.7444, and a rise through could take it to the next resistance level of 0.7498.
Moving ahead, Australia’s HIA new home sales data for April, set to be released overnight, will be eyed by traders.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
