AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.07% against the USD and closed at 0.6913.

LME Copper prices declined 0.7% or $41.5/MT to $5823.0/MT. Aluminium prices declined 0.5% or $8.0/MT to $1762.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6916, with the AUD trading marginally higher against the USD from yesterday’s close.

Overnight data showed that Australia’s private sector credit demand advanced 3.7% on an annual basis in April, undershooting market expectations for a rise of 3.8%. In the previous month, the private sector credit had registered a climb of 3.9%.

Elsewhere in China, Australia’s largest trading partner, the NBS manufacturing PMI contracted to a level of 49.4 in May, more than market consensus for a drop to a level of 49.9. In the previous month, the PMI had recorded a level of 50.1.

The pair is expected to find support at 0.6898, and a fall through could take it to the next support level of 0.6879. The pair is expected to find its first resistance at 0.6936, and a rise through could take it to the next resistance level of 0.6955.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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