AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.80% against the USD and closed at 0.6959.
LME Copper prices rose 0.4% or $21.5/MT to $5,680.5/MT. Aluminium prices declined 0.3% or $4.0/MT to $1,565.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6969, with the AUD trading 0.14% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s Westpac consumer confidence rose 6.3% to 93.7 in May, compared to a level of 88.1 in the previous month.
Elsewhere in China, Australia’s largest trading partner, consumer price inflation slowed to 2.4% on an annual basis in China, compared to a level of 3.3% in the previous month. Additionally, the producer price index fell 3.7% on a yearly basis in May, more than market expectations for a drop of 3.3% and compared to a fall of 3.1% in the prior month.
The pair is expected to find support at 0.6910, and a fall through could take it to the next support level of 0.6850. The pair is expected to find its first resistance at 0.7018, and a rise through could take it to the next resistance level of 0.7066.
Going ahead, traders would keep a watch on Australia’s consumer inflation expectations for June, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
