AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.90% against the USD to close at 1.0848.
In the US, the Federal Reserve Bank of Kansas City President, Thomas Hoenig stated that the central bank should start increasing interest rates, citing mounting fears about inflation and rising values for assets.
The Reserve bank of Australia has kept interest rate unchanged at 4.755 in May.
In Australia, the AiG performance of services index rose to 51.5 in April from 46.5 in the previous month. Additionally, the HIA new home sales, on monthly basis, rose by 4.3% in March.
In the Asian session at 3:00GMT, the pair is trading at 1.0802 0.42% lower from the New York session close.
LME Copper prices declined 1.4% or $127.8/MT to $9,242.5/ MT. Aluminium prices declined 1.1% or $31.0/MT to $2,740.3/ MT.
The pair is expected to find first short term resistance at 1.0895, with the next resistance levels at 1.0989 and 1.1138, subsequently. The first support for the pair is seen at 1.0746, followed by next supports at 1.0691 and 1.0542 respectively.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
