AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.21% against the USD to close at 1.0547.
In the Asian session, at GMT0400, the pair is trading at 1.0544, with the AUD trading 0.02% lower from yesterday’s close.
This morning, the Westpac-Melbourne Institute stated that the consumer sentiment in Australia fell 5.0% to 96.1 in March, from 101.1 in February. Additionally, housing starts in Australia continued its negative reading and dropped 6.9% (QoQ) in December, compared to a contraction of 5.8% in the previous quarter.
LME Copper prices rose 1.5% or $127.8/MT to $8529.0/ MT. Aluminium prices rose 2.6% or $52.0/MT to $2079.3/ MT.
The pair is expected to find support at 1.0501, and a fall through could take it to the next support level of 1.0457. The pair is expected to find its first resistance at 1.0573, and a rise through could take it to the next resistance level of 1.0602.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
