AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.64% against the USD to close at 1.0239, after China, the country’s largest trading partner posted a downbeat imports growth. Chinese imports rose just 5.3% in March, after increasing 39.6% in February.
In Australia, the National Australia Bank’s Business Conditions Index rose to a reading of 4.0 in March.
In the Asian session, at GMT0300, the pair is trading at 1.0274, with the AUD trading 0.33% higher from yesterday’s close. This morning, the Westpac Consumer Confidence Index fell by 1.6% to a reading of 94.5 in April, from 96.1 points in March.
LME Copper prices declined 1.3% or $109.5/MT to $8255.8/ MT. Aluminium prices declined 0.2% or $3.3/MT to $2050.3/ MT.
The pair is expected to find support at 1.0214, and a fall through could take it to the next support level of 1.0155. The pair is expected to find its first resistance at 1.0345, and a rise through could take it to the next resistance level of 1.0416.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
