AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.13% against the USD and closed at 0.7696.
LME Copper prices rose 0.95% or $64.0/MT to $6767.0/MT. Aluminium prices rose 7.42% or $146.0/MT to $2113.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7736, with the AUD trading 0.52% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s NAB business confidence index registered a drop to a level of 7.0 in March, compared to a reading of 9.0 in the prior month. Additionally, the nation’s NAB business conditions index eased to a level of 14.0 in March, compared to a revised level of 20.0 in the previous month.
The pair is expected to find support at 0.7679, and a fall through could take it to the next support level of 0.7623. The pair is expected to find its first resistance at 0.7765, and a rise through could take it to the next resistance level of 0.7795.
Looking forward, Australia’s Westpac consumer confidence index for April, slated to release overnight, will be on investors’ radar.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
