AUD/USD: Australia’s services sector back in expansion territory in March


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.49% against the USD and closed at 0.7565.

LME Copper prices declined 1.6% or $92.5/MT to $5724.5/MT. Aluminium prices declined 0.5% or $10.5/MT to $1938.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7570, with the AUD trading 0.07% higher against the USD from yesterday’s close, after overnight data showed an expansion in Australia’s service sector in March.

Data revealed that Australia’s AIG performance of services index recorded a rise to a level of 51.7 in March, crawling out of the expansion territory, compared to a level of 49.0 in the prior month.

The pair is expected to find support at 0.7537, and a fall through could take it to the next support level of 0.7505. The pair is expected to find its first resistance at 0.7607, and a rise through could take it to the next resistance level of 0.7645.

The currency pair is trading between its 20 Hr and 50 Hr moving averages.

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