AUD/USD: Australia’s Commonwealth Bank manufacturing PMI unexpectedly dropped in May

AUD/USD: Australia’s Commonwealth Bank manufacturing PMI unexpectedly dropped in May

AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 4.49% against the USD and closed at 0.6594.

LME Copper prices rose 0.4% or $19.0/MT to $5,333.0/MT. Aluminium prices declined 0.7% or $10.0/MT to $1,454.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6565, with the AUD trading 0.44% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s Commonwealth Bank manufacturing PMI unexpectedly dropped to 42.8 in May, defying market expectations for a rise to a level of 46.5 and compared to a reading of 44.1 in the previous month. Meanwhile, the Commonwealth Bank services PMI rose to 25.5 in May, compared to a level of 19.5 in the earlier month.

The pair is expected to find support at 0.6523, and a fall through could take it to the next support level of 0.6482. The pair is expected to find its first resistance at 0.6611, and a rise through could take it to the next resistance level of 0.6658.

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

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  Daily Market Outlook, May 22, 2020 

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