AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.13% against the USD to close at 1.0423.
LME Copper prices declined $0.3/MT to $8479.5/ MT. Aluminium prices declined 0.8% or $17.0/MT to $2081.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0447, with the AUD trading 0.23% higher from yesterday’s close.
Data released this morning showed that the Australian retail sales rose 0.2% on a seasonally adjusted basis in February. Meanwhile, the Purchasing Managers’ Index (PMI) for the service sector in China advanced to a reading of 58.0 in March, compared to a reading of 48.4 recorded in the previous month.
The pair is expected to find support at 1.0392, and a fall through could take it to the next support level of 1.0337. The pair is expected to find its first resistance at 1.0476, and a rise through could take it to the next resistance level of 1.0506.
Economic releases taking center stage today includes RBA interest rate decision and AiG Performance of Services Index in Australia.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
