AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, the AUD strengthened 0.31% against the USD to close at 1.0325, buoyed by speculation that the Reserve Bank of Australia (RBA) would not be reducing interest rates further any time soon, after the RBA Governor, Glenn Stevens stated that interest rates were at an appropriate level for now.
LME Copper prices declined 0.3% or $22.5/MT to $7825.0/MT. Aluminium prices declined 1.1% or $22.5/MT to $2024.5/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0281, with the AUD trading 0.43% lower from yesterday’s close, as data released this morning indicated that HSBC flash manufacturing purchasing managers’ index (PMI) in China, Australia’s biggest trading partner, dropped more-than-expected to a reading of 50.4 in February and compared to a reading of 52.3 posted in the previous month.
The pair is expected to find support at 1.0248, and a fall through could take it to the next support level of 1.0214. The pair is expected to find its first resistance at 1.0329, and a rise through could take it to the next resistance level of 1.0376.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
