For the 24 hours to 23:00 GMT, the AUD declined 0.35% against the USD and closed at 0.6886.

LME Copper prices rose 0.3% or $19.0/MT to $6004.0/MT. Aluminium prices declined 1.1% or $20.0/MT to $1766.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6880, with the AUD trading 0.09% lower against the USD from yesterday’s close.

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Overnight data showed that Australia’s Westpac leading index declined 0.09% on a monthly basis in April, compared to a revised rise of 0.28% in the prior month.

The pair is expected to find support at 0.6859, and a fall through could take it to the next support level of 0.6837. The pair is expected to find its first resistance at 0.6909, and a rise through could take it to the next resistance level of 0.6937.

Looking forward, traders would closely monitor Australia’s CBA manufacturing and services PMI for May, scheduled to release overnight.

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


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