AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.59% against the USD to close at 1.0438.
LME Copper prices rose 0.1% or $5.5/MT to $7580.0/MT. Aluminium prices declined 0.2% or $3.5/MT to $1902.0/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0427, with the AUD trading 0.11% lower from yesterday’s close.
Data released this morning in Australia indicated that the Conference Board’s leading economic index rose to a reading of 121.9 in January, compared to a reading of 121.7 reported last month. In China, the MNI business sentiment indicator dropped to a reading of 58.4 in March, compared to a revised reading of 61.0 posted in February.
The pair is expected to find support at 1.0373, and a fall through could take it to the next support level of 1.0318. The pair is expected to find its first resistance at 1.0471, and a rise through could take it to the next resistance level of 1.0514.
The currency pair is trading just below its 20 Hr moving average and is trading above its 50 Hr moving average.
