AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.32% against the USD to close at 0.9238, after the RBA indicated that the recent strength in the Aussie could hamper Australia’s economic growth.
LME Copper prices edged down 0.1% or $4.0/MT to $6632.0/MT. Aluminium prices rose 0.8% or $13.5/MT to $1744.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9236, with the AUD trading tad lower from yesterday’s close. Earlier today, data showed building permits in Australia declined 5.0% (MoM) in February, more than analysts’ expectations for a 2.5% fall and compared to a 6.9% rise recorded in the previous month.
The pair is expected to find support at 0.9203, and a fall through could take it to the next support level of 0.9171. The pair is expected to find its first resistance at 0.9287, and a rise through could take it to the next resistance level of 0.9339.
Later today, the Australian Industry Group (AiG) is expected to report the performance of its service index in Australia for March.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
