AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.39% against the USD to close at 1.0276, after the Australia’s trade account unexpectedly remained in deficit for a second straight month in February.
In the Asian session, at GMT0300, the pair is trading at 1.0288, with the AUD trading 0.12% higher from yesterday’s close.
Data released this morning indicated that the HSBC China services PMI remained in expansionary territory in March with a reading of 53.3, slightly down from 53.9 in February.
LME Copper prices declined 1.4% or $124.0/MT to $8451.3/ MT. Aluminium prices declined 1.5% or $31.3/MT to $2059.3/ MT.
The pair is expected to find support at 1.0257, and a fall through could take it to the next support level of 1.0226. The pair is expected to find its first resistance at 1.0306, and a rise through could take it to the next resistance level of 1.0324.
The outcome of the AiG Performance of Construction Index in Australia is likely to set the tone for the Aussie in today’s trading session.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
