AUDUSD Movement
On Friday, the AUD strengthened 0.56% against the USD to close at 0.9088.
LME Copper prices rose 1.6% or $105.0/MT to $6539.5/MT. Aluminium prices advanced 0.2% or $3.0/MT to $1677.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9083, with the AUD trading 0.06% lower from Friday’s close, after preliminary reading of the HSBC manufacturing PMI in China, Australia’s largest trading partner, unexpectedly declined to a reading of 48.1 in March, from previous month’s level of 48.5.
The pair is expected to find support at 0.9053, and a fall through could take it to the next support level of 0.9024. The pair is expected to find its first resistance at 0.9108, and a rise through could take it to the next resistance level of 0.9134.
Later today, the Reserve Bank of Australia (RBA) Deputy Governor, Philip Lowe is expected to deliver a speech in Sydney.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
