AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.19% against the USD and closed at 0.7567.
On the economic front, in China, Australia’s largest trading partner, the leading economic index rose 0.9% on a monthly basis in March. In the previous month, the index had climbed by a revised 1.3%.
LME Copper prices rose 0.2% or $11.0/MT to $5612.0/MT. Aluminium prices declined 0.2% or $4.5/MT to $1928.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7559, with the AUD trading 0.11% lower against the USD from yesterday’s close.
The pair is expected to find support at 0.7541, and a fall through could take it to the next support level of 0.7522. The pair is expected to find its first resistance at 0.7581, and a rise through could take it to the next resistance level of 0.7602.
Moving ahead, traders would keep a close watch on a speech by the Reserve Bank of Australia’s (RBA) Governor, Philip Lowe along with the release of Australia’s consumer price index for 1Q, both due tomorrow.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
