AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.21% against the USD to close at 0.9397, buoyed Australia’s strong employment data for March.
LME Copper prices rose 0.1% or $7.0/MT to $6637.5/MT. Aluminium prices jumped 3.5% or $62.0/MT to $1853.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9380, with the AUD trading 0.18% lower from yesterday’s close.
Earlier today, data from China, Australia’s largest trading partner, showed that consumer price index rose 2.4% (YoY) in March, compared to a 2.0% (YoY) rise in February and market expectations for a rise of 2.5%. Meanwhile, China’s producer price index fell more-than-expected 2.3% (YoY) in March, following a 2.0% annual drop in the preceding month.
The pair is expected to find support at 0.9340, and a fall through could take it to the next support level of 0.9299. The pair is expected to find its first resistance at 0.9442, and a rise through could take it to the next resistance level of 0.9503.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
