AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.71% against the USD to close at 1.0791, on sharp rebound in commodities prices.
In economic news, the Australian trade balance recorded a surplus by A$1740 million during the month of March, compared to a previous deficit of A$205 million in February.
In the Asian session at 3:00GMT, the pair is trading at 1.0785, marginally lower from the New York session close.
LME Copper prices rose 1.3% or $117.5/MT to $ 8,907.0/ MT. Aluminium prices rose 0.4% or $10.3/MT to $ 2,619.5/ MT.
The pair is expected to find first short term resistance at 1.0832, with the next resistance levels at 1.0880 and 1.0992, subsequently. The first support for the pair is seen at 1.0720, followed by next supports at 1.0656 and 1.0544, respectively.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
