AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.11% against the USD and closed at 0.7466.
LME Copper prices rose 0.2% or $9.0/MT to $5686.5/MT. Aluminium prices declined 0.2% or $3.0/MT to $1954.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7469, with the AUD trading slightly higher against the USD from yesterday’s close.
Early morning data showed that Australia’s private sector credit rose 0.3% on a monthly basis in March, lower than market expectations for an advance of 0.5%. In the previous month, the private sector credit had registered a similar rise.
The pair is expected to find support at 0.7440, and a fall through could take it to the next support level of 0.7411. The pair is expected to find its first resistance at 0.7495, and a rise through could take it to the next resistance level of 0.7521.
Going ahead, market participants will await the release of Australia’s AiG performance of manufacturing index for April, slated to release over the weekend.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
