AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 1.54% against the USD to close at 0.7569.
LME Copper prices rose 0.42% or $20.5/MT to $4941.0/MT. Aluminium prices declined 1.05% or $16.5/MT to $1548.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7586, with the AUD trading 0.23% higher from Friday’s close.
Over the weekend, data indicated that in China, Australia’s largest trading partner, retail sales registered a rise of 10.2% YoY in February, compared to a rise of 10.7% in the prior month, and against market anticipation for it to climb 11.0%. Moreover, the nation’s industrial production advanced less-than-expected by 5.4% YoY in January, compared to market expectations for a rise of 5.6%. Industrial production had advanced 6.1% in the prior month, thus adding to signs that the world’s second biggest economy is running out of steam.
The pair is expected to find support at 0.7516, and a fall through could take it to the next support level of 0.7445. The pair is expected to find its first resistance at 0.7623, and a rise through could take it to the next resistance level of 0.7661.
Moving ahead, investors will look forward to the release of the RBA’s March meeting minutes, due in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
