AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 13.20% against the USD and closed at 0.5993 on Friday.
LME Copper prices rose 0.9% or $42.0/MT to $4,863.5/MT. Aluminium prices advanced 0.2% or $3.5/MT to $1,452.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6017, with the AUD trading 0.40% higher against the USD from Friday’s close.
The pair is expected to find support at 0.5973, and a fall through could take it to the next support level of 0.5928. The pair is expected to find its first resistance at 0.6069, and a rise through could take it to the next resistance level of 0.612.
Moving ahead, investors would keep a watch on Australia’s AiG performance of services index for March and trade balance for February, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
