AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.14% against the USD to close at 1.0377.
LME Copper prices rose 0.5% or $35.5/MT to $7574.5/MT. Aluminium prices rose 0.2% or $3.0/MT to $1905.5/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0374, with the AUD trading marginally lower from yesterday’s close.
Data released this morning indicated that the HSBC flash manufacturing purchasing managers’ index in China, Australia’s biggest trading partner, rose to a reading of 51.7 in March, higher than market estimates for a reading of 51.2 and compared to a reading of 50.4 posted in the previous month.
The pair is expected to find support at 1.0359, and a fall through could take it to the next support level of 1.0344. The pair is expected to find its first resistance at 1.0398, and a rise through could take it to the next resistance level of 1.0422.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
