AUDUSD Movement
On Friday, the AUD strengthened 0.65% against the USD to close at 0.7827, continuing with its previous session gains.
LME Copper prices rose 1.52% or $90.5/MT to $6025.5/MT. Aluminium prices rose 1.36% or $24.5/MT to $1830.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7814, with the AUD trading 0.16% lower from Friday’s close.
Early morning data showed that, in China, Australia’s biggest trading partner, industrial profits dropped 0.4% YoY in March. It had fallen 8.0% in the previous month.
The pair is expected to find support at 0.7771, and a fall through could take it to the next support level of 0.7727. The pair is expected to find its first resistance at 0.7850, and a rise through could take it to the next resistance level of 0.7886.
Going forward, investors would keep a close eye on the RBA Governor, Glenn Stevens’ speech, scheduled in the late hours today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
