AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.49% against the USD to close at 1.0327.
LME Copper prices rose 1.8% or $138.0/MT to $7815.0/MT. Aluminium prices rose 2.3% or $43.5/MT to $1939.0/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0309, with the AUD trading 0.17% lower from yesterday’s close
Data released this morning indicated that the Westpac Bank and the Melbourne Institute’s consumer confidence index in Australia climbed to a reading of 110.5 in March, compared to a reading of 108.3 recorded in February. Meanwhile, on a seasonally adjusted basis, home loan approvals dropped 1.5% in January, compared to a revised 2.1% drop recorded in the previous month.
The pair is expected to find support at 1.0271, and a fall through could take it to the next support level of 1.0233. The pair is expected to find its first resistance at 1.0342, and a rise through could take it to the next resistance level of 1.0375.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
