AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD marginally strengthened against the USD to close at 0.9361.
LME Copper prices rose 2.4% or $160.0/MT to $6930.0/MT. Aluminium prices advanced 1.3% or $21.5/MT to $1739.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9355, with the AUD trading 0.06% lower from yesterday’s close after official data showed that home loans in Australia fell 0.9% (MoM) to a seasonally adjusted 52,013 numbers in March while investment lending for homes declined 0.8%, following a 4.4% rise in February. However, the house price index in Australia rose 10.9% (YoY) in the first quarter, compared to a revised 9.8% gain in the preceding quarter.
The pair is expected to find support at 0.9341, and a fall through could take it to the next support level of 0.9326. The pair is expected to find its first resistance at 0.9379, and a rise through could take it to the next resistance level of 0.9402.
During the later course of the day, Australian Prime Minister, Tony Abbott’s government is expected deliver its first budget since coming to power in September 2013.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
