AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD traded flat against the USD and closed at 0.7666.
In economic news, Australia’s AIG performance of manufacturing index advanced to a level of 58.1 in March, from a reading of 52.5 in the previous month.
LME Copper prices declined 1.71% or $84.5/MT to $4855.5/MT. Aluminium prices rose 0.91% or $13.5/MT to $1491.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7671, with the AUD trading 0.07% higher from yesterday’s close.
Early this morning, in China, Australia’s largest trading partner, data showed that the NBS manufacturing PMI rose to a level of 50.2 in March, its first expansion since June 2015. Markets were expecting it to rise to a level of 49.3, from a reading of 49.0 in the previous month. Moreover, the nation’s Caixin manufacturing PMI advanced to a level of 49.7 in March, compared to a reading of 48.0 in the previous month. Market expectation was for the index to register a reading of 48.3. Also, the NBS non-manufacturing PMI recorded a rise to a level of 53.8 in March, reversing its downward trend since December 2015. In the prior month, the NBS non-manufacturing PMI had registered a level of 52.7.
The pair is expected to find support at 0.7629, and a fall through could take it to the next support level of 0.7586. The pair is expected to find its first resistance at 0.7719, and a rise through could take it to the next resistance level of 0.7767.
Going ahead, investors will look forward to the RBA’s interest rate decision, along with Australia’s retail sales, building permits and trade balance data, all scheduled next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
