AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.02% against the USD to close at 1.0317, after the Reserve Bank of Australia left its benchmark interest rate unchanged, in line with expectations, but stated that it may cut rates as soon as next month if growth does not pick up.
In the Asian session, at GMT0300, the pair is trading at 1.0282, with the AUD trading 0.34% lower from yesterday’s close, after the Australia’s trade account unexpectedly remained in deficit for a second straight month in February.
Data released this morning showed that the trade deficit in Australia fell to A$480 million in February, from A$971 million in January. Market had expected the balance to be in a surplus of A$1.1 billion. Meanwhile, the Australian Industry Group/Commonwealth Bank Australian Performance of Services Index rose 0.3 points to 47.0 points in March.
LME Copper prices rose 1.1% or $95.8/MT to $8575.3/ MT. Aluminium prices rose 0.4% or $9.3/MT to $2090.5/ MT.
The pair is expected to find support at 1.0208, and a fall through could take it to the next support level of 1.0135. The pair is expected to find its first resistance at 1.0411, and a rise through could take it to the next resistance level of 1.0540.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
