AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.32% against the USD and closed at 0.7579 on Friday.
LME Copper prices declined 1.29% or $88.5/MT to $6797.0/MT. Aluminium prices rose 2.04% or $45.0/MT to $2249.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7564, with the AUD trading 0.20% lower against the USD from Friday’s close.
Data released overnight indicated that Australia’s private sector credit grew 0.5% on a monthly basis in March, beating market expectations for a rise of 0.4%. The private sector credit had recorded a rise of 0.4% in the prior month.
Elsewhere in China, Australia’s largest trading partner, the NBS manufacturing PMI declined to a level of 51.4 in April, less than market expectations for a fall to a level of 51.3. The PMI had recorded a level of 51.5 in the previous month. Additionally, the nation’s NBS non-manufacturing PMI recorded an unexpected rise to a level of 54.8 in April, confounding market consensus for a fall to a level of 54.5. The PMI had registered a reading of 54.6 in the previous month.
The pair is expected to find support at 0.7536, and a fall through could take it to the next support level of 0.7508. The pair is expected to find its first resistance at 0.7588, and a rise through could take it to the next resistance level of 0.7612.
Moving ahead, investors would keep a close watch on the Reserve Bank of Australia’s (RBA) monetary policy decision, due to be announced in the early hours of tomorrow.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
