Aussie Trading Lower This Morning


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD weakened 1.87% against the USD to close at 0.7603.

LME Copper prices declined 0.07% or $3.5/MT to $4932.0/MT. Aluminium prices rose 0.64% or $10.5/MT to $1642.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7583, with the AUD trading 0.26% lower from yesterday’s close.

Early this morning, data showed that Australia’s import price index eased more-than-expected by 3.0% QoQ in 1Q 2016, compared to market expectations for a drop of 0.9%. In the prior quarter, the import price index had recorded a drop of 0.3%. Moreover, the nation’s export price index dropped 4.7% QoQ in 1Q 2016, higher than market expectations for a fall of 1.5%, following a drop of 5.4% in the previous quarter.

The pair is expected to find support at 0.7532, and a fall through could take it to the next support level of 0.7480. The pair is expected to find its first resistance at 0.7652, and a rise through could take it to the next resistance level of 0.7721.

Moving ahead, investors will look forward to Australia’s private sector credit and producer price index data, scheduled to release in the early hours tomorrow.

The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.

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