AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 6.07% against the USD and closed at 0.6485.
LME Copper prices rose 0.1% or $3.5/MT to $5,231.0/MT. Aluminium prices climbed 0.3% or $4.5/MT to $1,454.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6446, with the AUD trading 0.60% lower against the USD from yesterday’s close.
Over data showed that NAB’s business confidence rose to -46.0 in April, compared to a revised level of -65.0 in the previous month. Additionally, the NAB business conditions index fell to -34.0 in April, compared to a revised reading of -22.0 in the prior month.
Elsewhere in China, Australia’s largest trading partner, the consumer price index rose 3.3% on a yearly basis in April, less than market expectations for a rise of 3.7% and compared to an advance of 4.3% in the previous month. Meanwhile, the producer price index dropped 3.1% on a yearly basis in April, more than forecast for a fall of 2.6% and compared to a drop of 1.5% in the earlier month.
The pair is expected to find support at 0.6398, and a fall through could take it to the next support level of 0.6351. The pair is expected to find its first resistance at 0.6527, and a rise through could take it to the next resistance level of 0.6609.
Moving ahead, traders would keep a watch on Australia’s Westpac consumer confidence index for May, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
