AUDUSD Movement
On Friday, the AUD weakened 0.45% against the USD to close at 0.9063.
LME Copper prices declined 1.8% or $124.0/MT to $6930.5/MT. Aluminium prices edged down 0.1% or $2.5/MT to $1729.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9038, with the AUD trading 0.28% lower from Friday’s close, hurt by the latest batch of soft economic releases from China over the weekend.
Data from China, Australia’s largest trading partner, showed that trade balance unexpectedly recorded a deficit of $22.99 billion in February, following a surplus of $31.87 billion registered in the previous month. Meanwhile, consumer price index rose 0.5% (MoM) in February, less than analysts’ projection for a 0.8% rise following a 1.0% increase reported in the earlier month. Separately, the producer price index also fell more-than-expected 2.0% (YoY) in February, compared to a 1.6% drop recorded in the previous month.
The pair is expected to find support at 0.9001, and a fall through could take it to the next support level of 0.8963. The pair is expected to find its first resistance at 0.9106, and a rise through could take it to the next resistance level of 0.9173.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
