AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.82% against the USD to close at 0.7542.
LME Copper prices declined 0.83% or $40.0 /MT to $4776.0 /MT. Aluminium prices declined 1.64% or $25.0/MT to $1498.0 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7562, with the AUD trading 0.27% higher from yesterday’s close.
Early this morning, data showed that in China, Australia’s largest trading partner, the Caixin services PMI rose to a level of 52.2 in March, from a reading of 51.2 in the previous month, as new business continued to expand modestly.
The pair is expected to find support at 0.7503, and a fall through could take it to the next support level of 0.7443. The pair is expected to find its first resistance at 0.7627, and a rise through could take it to the next resistance level of 0.7691.
Going ahead, investors will look forward to Australia’s AiG performance of construction index data for March, scheduled to release overnight.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
