AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.18% against the USD to close at 1.0294, as risk appetite improved among investors following upbeat US jobless data.
LME Copper prices rose 1.4% or $99.5/MT to $7035.0/MT. Aluminium prices rose 0.6% or $12.0/MT to $1883.0/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0307, with the AUD trading 0.13% higher from yesterday’s close.
Data released in China this morning indicated that the MNI business sentiment indicator rose to a reading of 58.5 in April, following a revised reading of 58.2 in March.
The pair is expected to find support at 1.0281, and a fall through could take it to the next support level of 1.0254. The pair is expected to find its first resistance at 1.0338, and a rise through could take it to the next resistance level of 1.0368.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
