AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.10% against the USD and closed at 0.7019.
LME Copper prices declined 1.0% or $62.0/MT to $6375.5/MT. Aluminium prices declined 0.1% or $2.0/MT to $1852.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7027, with the AUD trading 0.11% higher against the USD from yesterday’s close, extending its previous session gains.
Overnight data indicated that Australia’s producer price index (PPI) rose 1.9% on an annual basis in 1Q 2019, compared to a gain of 2.0% in the prior month.
The pair is expected to find support at 0.6999, and a fall through could take it to the next support level of 0.6972. The pair is expected to find its first resistance at 0.7043, and a rise through could take it to the next resistance level of 0.706.
In absence of key economic releases in Australia today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
