AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.07% against the USD to close at 0.7696.
LME Copper prices declined 0.08% or $5.0/MT to $6050.0/MT. Aluminium prices declined 0.08% or $1.5/MT to $1773.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7702, with the AUD trading 0.08% higher from yesterday’s close.
Earlier today, in China, Australia’s biggest trading partner, consumer prices advanced 1.4% YoY in March, following a similar increase recorded in the preceding month and higher than market expected rise of 1.3%. Meanwhile, the producer price index fell 4.60% on an annual basis in March, compared to a drop of 4.80% in the prior month.
In other economic news, home loan approvals In Australia rebounded 1.20% in February on a monthly basis, lower than market expectations for a rise of 3.00%. It had registered a revised drop of 1.70% in the previous month.
The pair is expected to find support at 0.7675, and a fall through could take it to the next support level of 0.7648. The pair is expected to find its first resistance at 0.7735, and a rise through could take it to the next resistance level of 0.7768.Going forward, market participants keenly await the release of Australia’s unemployment rate data, scheduled next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
