AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.19% against the USD and closed at 0.7515.
LME Copper prices declined 0.79% or $54.0/MT to $6783.0/MT. Aluminium prices declined 1.40% or $33.0/MT to $2316.0/MT.
On the macro front, Australia’s AiG performance of construction index dropped to a level of 55.4 in April, compared to a level of 57.2 in the previous month. On the contrary, the nation’s NAB business confidence index climbed to a level of 10.0 in April, compared to a revised reading of 8.0 in the previous month. Also, the nation’s NAB business conditions index advanced to a level of 21.0 in April, after registering a revised level of 15.0 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 0.7501, with the AUD trading 0.19% lower against the USD from yesterday’s close.
Overnight data indicated that Australia’s seasonally adjusted retail sales remained flat on a monthly basis in March, confounding market consensus for a gain of 0.2%. Retail sales had climbed 0.6% in the prior month.
Separately, China, Australia’s largest trading partner, posted a trade surplus of $28.78 billion in April, compared to a deficit of $4.98 billion in the previous month, while markets were anticipating the country to post a trade surplus of $27.75 billion.
The pair is expected to find support at 0.7482, and a fall through could take it to the next support level of 0.7462. The pair is expected to find its first resistance at 0.7532, and a rise through could take it to the next resistance level of 0.7562.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
