AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, AUD strengthened 0.57% against the USD to close at 1.0437.
In the Asian session, at GMT0300, the pair is trading at 1.0399, with the AUD trading 0.39% higher from Friday’s close, after a report on weekend showed activity in Chinese factories hit an 11-month high in March.
The official Chinese Manufacturing Purchasing Managers’ Index (PMI) climbed to a reading of 53.1 in March, highest in a year. However, the final HSBC China manufacturing PMI declined to a reading to 48.3 in March.
Meanwhile, in Australia, the seasonally adjusted estimate for total building approvals issued unexpectedly declined 7.8% in February, following a rise of 1.1% in the previous month.
LME Copper prices rose 1.4% or $120.0/MT to $8479.8/MT. Aluminium prices declined 0.4% or $8.8/MT to $2098.3/MT.
The pair is expected to find support at 1.0343, and a fall through could take it to the next support level of 1.0286. The pair is expected to find its first resistance at 1.0455, and a rise through could take it to the next resistance level of 1.0510.
The currency pair is converging with its 20 Hr and trading below its 50 Hr moving average.
