AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 15.50% against the USD and closed at 0.5834..
LME Copper prices declined 4.9% or $237.5/MT to $4,617.5/MT. Aluminium prices fell 2.8% or $44.5/MT to $1,536.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.5922, with the AUD trading 1.51% higher against the USD from yesterday’s close..
Overnight data showed that Australia’s Commonwealth Bank services PMI decreased to 39.8 in March, more than forecast for a drop to a level of 48.3 and compared to a level of 49.0 in the prior month. On the flipside, the preliminary Commonwealth Bank manufacturing PMI fell to a level of 50.1 in March, less than market anticipations for a fall to a level of 50.0 and compared to a level of 50.2 in the previous month.
The pair is expected to find support at 0.5782, and a fall through could take it to the next support level of 0.5641. The pair is expected to find its first resistance at 0.6004, and a rise through could take it to the next resistance level of 0.6085.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
