AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 1.41% against the USD to close at 1.41%.
In economic news, the CB leading index in Australia rose 0.4%in January, compared to a similar gain recorded in February.
LME Copper prices rose 2.93% or $173.5/MT to $6093.5/MT. Aluminium prices rose 1.36% or $24.0/MT to $1787.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7849, with the AUD trading 0.56% lower from yesterday’s close.
Earlier today, in China, Australia’s biggest trading partner, the CB leading economic index edged up to a reading of 1.5 in February, from prior month’s level of 0.9. On the other hand, the nation’s preliminary HSBC manufacturing PMI dipped to an 11-month low of 49.2 in March, from previous month’s reading of 50.7. Markets had forecasted a reading of 50.6, thus signalling weakness in the world’s second biggest economy.
The pair is expected to find support at 0.7774, and a fall through could take it to the next support level of 0.7698. The pair is expected to find its first resistance at 0.7914, and a rise through could take it to the next resistance level of 0.7979.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
