AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 8.60% against the USD and closed at 0.6310.
LME Copper prices declined 1.3% or $64.5/MT to $5,054.5/MT. Aluminium prices rose 0.9% or $13.5/MT to $1,469.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6286, with the AUD trading 0.38% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s consumer inflation expectations rose to 4.6% in April, compared to 4.0% in the prior month. Additionally, seasonally adjusted unemployment rate climbed to 5.2% in March, less than market forecast for a rise to 5.5% and compared to 5.1% in the previous month.
Elsewhere in China, Australia’s largest trading partner, the house price index climbed 5.3% in March, compared to an advance of 5.8% in the previous month.
The pair is expected to find support at 0.6228, and a fall through could take it to the next support level of 0.6171. The pair is expected to find its first resistance at 0.6384, and a rise through could take it to the next resistance level of 0.6483.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
