AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD traded flat against the USD to close at 0.7224.
In economic news, Australia’s CB leading index rose 0.1% in March, breaking a run of three consecutive monthly declines. It had registered a 0.3% drop in the previous month.
Separately, Glenn Stevens, at his last speech as a Reserve Bank of Australia (RBA) Governor, defended RBA’s decision to cut interest rate to a new all-time low of 1.75% earlier this month, on the back of RBA policymakers’ commitment of ensuring inflation remains in-line with its target of between 2% and 3%.
LME Copper prices declined 1.26% or $58.5 /MT to $4572.0 /MT. Aluminium prices declined 2.12% or $33.0/MT to $1526.0 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7219, with the AUD trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 0.7188, and a fall through could take it to the next support level of 0.7156. The pair is expected to find its first resistance at 0.7255, and a rise through could take it to the next resistance level of 0.7290.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
