AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.77% against the USD to close at 1.0208, following a series of positive economic data in Australia.
In Australia, building permits rose 7.4% (MoM) in March, while retail sales rose 0.9% (MoM) in March. Additionally, Australian business confidence climbed to 4.0 in April, compared to a reading of 3.0 in March.
In the Asian session, at GMT0300, the pair is trading at 1.0175, with the AUD trading 0.32% lower from yesterday’s close, after Australian trade deficit widens in March.
Data released this morning showed that Australian trade balance in March stood at a deficit of $1.587 billion, compared to an upwardly revised deficit of $0.754 billion in February.
The pair is expected to find support at 1.0129, and a fall through could take it to the next support level of 1.0083. The pair is expected to find its first resistance at 1.0221, and a rise through could take it to the next resistance level of 1.0266.
With no major release from Australia, the pair is expected to trade on trends in the Greenback.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
