AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 5.91% against the USD and closed at 0.6496.
LME Copper prices rose 0.9% or $47.0/MT to $5,231.0/MT. Aluminium prices declined 0.2% or $3.5/MT to $1,460.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6464, with the AUD trading 0.49% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s AiG performance of manufacturing index dropped to 35.8 in April, marking its lowest level since 2009 and compared to a level of 53.7 in the previous month. Additionally, the Commonwealth Bank Manufacturing PMI fell to 44.1 in April, compared to a revised reading of 49.7 in the prior month. Meanwhile, the producer price index rose 0.2% on a quarterly basis in first quarter of 2020, compared to a rise 0.3% in the previous quarter.
The pair is expected to find support at 0.6427, and a fall through could take it to the next support level of 0.6389. The pair is expected to find its first resistance at 0.6536, and a rise through could take it to the next resistance level of 0.6607.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
