AUDUSD Movement
On Friday, the AUD weakened 0.15% against the USD to close at 0.9356.
LME Copper prices rose 1.2% or $79.5/MT to $6770.0/MT. Aluminium prices edged up marginally by $0.5/MT to $1718.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9362, with the AUD trading 0.06% higher from Friday’s close.
Early morning, the National Australia Bank monthly survey showed that business confidence in Australia rose to a reading of 6.0 in April, from a level of 4.0 in the previous month. However, its survey on business condition recorded a flat reading in April, following a figure of 1.0 in March.
The pair is expected to find support at 0.9345, and a fall through could take it to the next support level of 0.9328. The pair is expected to find its first resistance at 0.9380, and a rise through could take it to the next resistance level of 0.9398.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
