AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 1.17% against the USD to close at 0.7634.
LME Copper prices rose 0.17% or $8.5/MT to $4939.5/MT. Aluminium prices rose 0.24% or $3.5/MT to $1473.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7629, with the AUD trading 0.06% lower from yesterday’s close.
Early this morning, in China, Australia’s largest trading partner, data showed that the nation’s Westpac-MNI consumer sentiment index advanced to a level of 118.1 in March, from a reading of 111.3 in the previous month.
The pair is expected to find support at 0.7543, and a fall through could take it to the next support level of 0.7457. The pair is expected to find its first resistance at 0.7683, and a rise through could take it to the next resistance level of 0.7736.
Going ahead, investors await the release of Australia’s HIA new home sales and private sector credit data, both for the month of February, due in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
