AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.06% against the USD and closed at 0.6941.
LME Copper prices declined 0.6% or $35.5/MT to $6007.0/MT. Aluminium prices rose 1.5% or $26.5/MT to $1792.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.693, with the AUD trading 0.16% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s Westpac consumer confidence index advanced 0.6% on a monthly basis, to a level of 101.3 in May, compared to a level of 100.7 in the previous month.
Elsewhere in China, Australia’s largest trading partner, industrial production climbed 5.4% on a yearly basis in April, undershooting market expectations for a gain of 6.5%. Industrial production had recorded a rise of 8.5% in the prior month. Moreover, the nation’s retail sales jumped 7.2% on a yearly basis in April, falling short of market consensus for a rise of 8.6%. In the previous month, retail sales had recorded an increase of 8.7%.
The pair is expected to find support at 0.6915, and a fall through could take it to the next support level of 0.6899. The pair is expected to find its first resistance at 0.6953, and a rise through could take it to the next resistance level of 0.6975.
Moving ahead, traders would await Australia’s consumer inflation expectations for May and unemployment rate for April, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
