AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.84% against the USD and closed at 0.7523.
LME Copper prices declined 0.4% or $25.0/MT to $5782.0/MT. Aluminium prices rose 1.2% or $23.0/MT to $1881.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7513, with the AUD trading 0.13% lower against the USD from yesterday’s close.
Earlier today, in China, Australia’s largest trading partner, the consumer price index (CPI) advanced 0.8% YoY in February, falling short of market expectations for a rise of 1.7% and rising at its slowest pace since January 2015. The CPI had climbed 2.5% in the previous month. On the other hand, the nation’s producer price index increased more-than-expected by 7.8% on an annual basis in February, accelerating at its fastest pace in nearly nine years and compared to market expectations for an advance of 7.7%. In the previous month, the index had advanced 6.9%.
The pair is expected to find support at 0.7479, and a fall through could take it to the next support level of 0.7444. The pair is expected to find its first resistance at 0.7578, and a rise through could take it to the next resistance level of 0.7642.
The currency pair is trading/showing convergence with its 20 Hr and 50 Hr moving average.
