AUD/USD: Aussie reverses its gains in the morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.08% against the USD and closed at 0.7571.

LME Copper prices rose 1.5% or $84.0/MT to $5808.5/MT. Aluminium prices rose 1.2% or $24.0/MT to $1962.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7536, with the AUD trading 0.46% lower against the USD from yesterday’s close.

Early morning data revealed that in China, Australia’s largest trading partner, the Caixin services PMI eased to a level of 52.2 in March, expanding at its weakest pace in six months and compared to a reading of 52.6 in the prior month.

The pair is expected to find support at 0.7515, and a fall through could take it to the next support level of 0.7494. The pair is expected to find its first resistance at 0.7572, and a rise through could take it to the next resistance level of 0.7608.

Going ahead, market participants will closely monitor Australia’s AiG performance of construction index for March, slated to release overnight.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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