AUDUSD Movement
On Friday, the AUD weakened 0.66% against the USD to close at 1.0009.
LME Copper prices rose 1.1% or $79.5/MT to $7390.5/MT. Aluminium prices declined 0.9% or $16.50/MT to $1848.0/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0088, with the AUD trading 0.79% higher from Friday’s close.
In economic news, home loans in Australia rose more-than-expected by 5.2% in March, following a revised 2.1% increase recorded in the previous month, Market had expected a rise of 3.5%. On a similar note, investment lending for homes rose 2.1% in March, following 1.8% growth recorded in February.
Meanwhile, the National Bank of Australia reported that, its business confidence index dropped to a reading of -2.0 in April, from a reading of 2.0 recorded in March, while business conditions index improved to a reading of -6.0 in April, from a reading of -7.0 recorded in the prior month.
The pair is expected to find support at 0.9926, and a fall through could take it to the next support level of 0.9879. The pair is expected to find its first resistance at 1.0055, and a rise through could take it to the next resistance level of 1.0137.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
