AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.60% against the USD to close at 1.0646.
In the Asian session, at GMT0400, the pair is trading at 1.0646, with the AUD trading flat from yesterday’s close. The Aussie pared its earlier gain after an unexpected rise in Australian trade deficit.
The Australian trade balance showed a deficit of A$673 million in February, from a revised A$1325 million surplus in January.
Separately, in China, Consumer Price Index rose 3.2% from a year earlier in February. Additionally, Producer Price Index remained unchanged in February from a year earlier, against as market expectation of 0.1% rise.
LME Copper prices rose 0.1% or $2.3/MT to $ 2174.8/ MT. Aluminium prices rose 1.6% or $128.5/MT to $ 8389.0/ MT.
The pair is expected to find support at 1.0592, and a fall through could take it to the next support level of 1.0538. The pair is expected to find its first resistance at 1.0685, and a rise through could take it to the next resistance level of 1.0724.
The currency pair is showing convergence with its 20 Hr and trading above with its 50 Hr moving averages.
