AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.78% against the USD to close at 0.7601.
Yesterday, the RBA Assistant Governor, Chris Kent, indicated that inflation in Australia is expected to remain subdued over the next couple of years. He also stated that it is “too soon” to say if the country’s job market had witnessed any marked slowdown in recent months.
LME Copper prices declined 0.02% or $1.0 /MT to $4775.0 /MT. Aluminium prices declined 1.13% or $17.0 /MT to $1481.0 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7605, with the AUD trading 0.06% higher from yesterday’s close.
Overnight data showed that, Australia’s AiG performance of construction index dropped for the fourth consecutive month to a 13-month low level of 45.2 in March, from a reading of 46.1 in the previous month.
The pair is expected to find support at 0.7548, and a fall through could take it to the next support level of 0.7492. The pair is expected to find its first resistance at 0.7646, and a rise through could take it to the next resistance level of 0.7687.
With no major economic releases in Australia today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
