AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.34% against the USD to close at 1.0449.
In the Asian session, at GMT0400, the pair is trading at 1.0392, with the AUD trading 0.54% lower from yesterday’s close, after a weak Chinas HSBC Flash PMI, renewed concerns of a sharp slowdown in the Australia’s biggest trading partner.
In China, HSBC purchasing managers index fell to a reading of 48.1 in March, compared to a reading of 49.6 in February, making it fifth successive month fall.
LME Copper prices rose 0.4% or $33.8/MT to $8470.3/ MT. Aluminium prices declined 0.4% or $8.0/MT to $ 2192.3/ MT.
The pair is expected to find support at 1.0338, and a fall through could take it to the next support level of 1.0283. The pair is expected to find its first resistance at 1.0486, and a rise through could take it to the next resistance level of 1.0580.
The currency pair is trading well below its 20 Hr and 50 Hr moving averages.
