AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.16% against the USD and closed at 0.7538.
LME Copper prices rose 1.0% or $58.0/MT to $5746.5/MT. Aluminium prices declined 1.1% or $21.0/MT to $1909.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7517, with the AUD trading 0.28% lower against the USD from yesterday’s close.
Overnight data indicated that Australia’s AiG performance of services index advanced to a level of 53.0 in April, after recording a level of 51.7 in the previous month.
The pair is expected to find support at 0.7498, and a fall through could take it to the next support level of 0.7478. The pair is expected to find its first resistance at 0.7546, and a rise through could take it to the next resistance level of 0.7574.
Looking ahead, a speech by the Reserve Bank of Australia’s (RBA) Governor, Philip Lowe along with Australia’s trade balance figures and HIA new home sales data, both for March, slated to release tomorrow, will be on investors’ radar.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
