AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 1.26% against the USD to close at 0.7701.
LME Copper prices rose 1.37% or $79.5/MT to $5865.5/MT. Aluminium prices declined 0.68% or $12.0/MT to $1742.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7676, with the AUD trading 0.32% lower from yesterday’s close.
Early this morning, data showed that in China, Australia’s biggest trading partner, new Yuan loans dropped to CNY 1020.00 billion, from a level of CNY 1470.00 billion registered in the prior month. Meanwhile, aggregate financing registered a drop to CNY 1350.00 billion in China, in February, compared to market expectations of a fall to a level of CNY 1000.00 billion and compared to a revised level of CNY 2050.80 billion.
The pair is expected to find support at 0.7588, and a fall through could take it to the next support level of 0.7501. The pair is expected to find its first resistance at 0.7748, and a rise through could take it to the next resistance level of 0.7820.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
