AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.14% against the USD and closed at 0.7174.

LME Copper prices rose 0.8% or $49.0/MT to $6509.0/MT. Aluminium prices rose 0.1% or $1.5/MT to $1840.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7182, with the AUD trading 0.11% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s seasonally adjusted unemployment rate climbed to 5.0% in March, at par with market expectations. In the preceding month, unemployment rate had registered a rate of 4.9%. Meanwhile, the nation’s NAB business confidence index slid to a level of -1.0 in 1Q 2019, following a reading of 1.0 in the prior quarter.

The pair is expected to find support at 0.7161, and a fall through could take it to the next support level of 0.7139. The pair is expected to find its first resistance at 0.7205, and a rise through could take it to the next resistance level of 0.7227.

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

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