AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.27% against the USD and closed at 0.7458.
LME Copper prices declined 1.1% or $63.0/MT to $5608.0/MT. Aluminium prices declined 0.3% or $6.5/MT to $1943.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7449, with the AUD trading 0.12% lower against the USD from yesterday’s close.
Early morning data indicated that Australia’s private sector credit climbed 0.4% on a monthly basis in April, at par with market expectations. The private sector credit had registered a revised similar rise in the prior month.
Elsewhere, in China, Australia’s largest trading partner, the NBS manufacturing PMI remained unchanged at a level of 51.2 in May, compared to market expectations for a drop to a level of 51.0. Moreover, the nation’s NBS non-manufacturing PMI advanced to a level of 54.5 in May, after recording a level of 54.0 in the previous month.
The pair is expected to find support at 0.7420, and a fall through could take it to the next support level of 0.7391. The pair is expected to find its first resistance at 0.7477, and a rise through could take it to the next resistance level of 0.7505.
Going ahead, traders would keep a close watch on Australia’s retail sales data for April, set to be released tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
