AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 2.04% against the USD to close at 0.7767.
LME Copper prices rose 0.47% or $28.0/MT to $5998.5/MT. Aluminium prices rose 1.18% or $20.0/MT to $1711.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7794, with the AUD trading 0.34% higher from yesterday’s close, on the back of Australia’s stronger than expected Q1 GDP data.
Earlier today, data indicated that Australia’s economy expanded 0.9% on a quarterly basis in the first quarter of 2015, beating market expectations for an increase of 0.7% and up from 0.5% recorded in the fourth quarter of 2014.
Elsewhere, in China, Australia’s biggest trading partner, the HSBC PMI came in at 53.5, notching an eight-month high in May, up from 52.9 in April.
The pair is expected to find support at 0.767, and a fall through could take it to the next support level of 0.7547. The pair is expected to find its first resistance at 0.7869, and a rise through could take it to the next resistance level of 0.7944.
Going forward, investors would monitor Australia’s retail sales and trade balance data, scheduled in the early hours tomorrow to get better insights in the nation’s economy.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
