AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.73% against the USD to close at 0.9343, hurt by the RBA minute’s dovish stance on the Aussie.
LME Copper prices declined 0.2% or $15.0/MT to $6630.0/MT. Aluminium prices fell 0.9% or $17.0/MT to $1816.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9354, with the AUD trading 0.12% higher from yesterday’s close. Early morning, data from Australia showed that the Westpac leading index came in at flat reading of 98.38 in March, compared to a 0.1% (MoM) drop in the preceding month.
Also earlier today, data from Australia’s largest trading partner, China showed that GDP rose more-than-expected 7.4% (YoY) in the first quarter while retail sales grew 12.2% (YoY) to CNY1.98 trillion in March. However, China’s annual industrial production rose less-than-expected 8.8% in March while China’s year to date urban investment missed forecasts for last month.
The pair is expected to find support at 0.9323, and a fall through could take it to the next support level of 0.9293. The pair is expected to find its first resistance at 0.9392, and a rise through could take it to the next resistance level of 0.9431.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
