AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.25% against the USD to close at 0.9266.
Yesterday, the Reserve Bank of Australia reported that foreign reserve rose to A$ 62.2 billion in March, compared to a reserve of A$ 51.8 billion recorded in February.
LME Copper prices declined 1.0% or $66.5/MT to $6610.5/MT. Aluminium prices fell 0.9% or $16.5/MT to $1793.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9282, with the AUD trading 0.17% higher from yesterday’s close. Early morning, the National Australia Bank monthly business survey showed that business confidence in Australia fell to a reading of 4.0 in March, from previous month’s level of 7.0. Meanwhile the National Australia Bank’s index on business conditions in Australia rose to a figure of 1.0 in March, from a flat reading registered in the preceding month.
The pair is expected to find support at 0.9258, and a fall through could take it to the next support level of 0.9234. The pair is expected to find its first resistance at 0.9301, and a rise through could take it to the next resistance level of 0.9320.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
