AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 10.15% against the USD and closed at 0.6203 on Friday.
LME Copper prices rose 2.7% or $144.0/MT to $5,530.5/MT. Aluminium prices climbed 2.1% or $34.0/MT to $1,677.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6173, with the AUD trading 0.48% lower against the USD from Friday’s close.
Elsewhere, in China, Australia’s largest trading partner, the house price index rose 5.8% in February. In the previous month, the house price index had recorded an advance of 6.3%. On the other hand, industrial production unexpectedly plunged 13.5% on an annual basis in February, compared to a rise of 6.9% in the previous month. Additionally, retail sales unexpectedly tumbled 20.5% on an annual basis in February, compared to a rise of 8.0% in the previous month.
The pair is expected to find support at 0.6072, and a fall through could take it to the next support level of 0.5970. The pair is expected to find its first resistance at 0.6299, and a rise through could take it to the next resistance level of 0.6424.
Moving ahead, traders would keep a close watch on Australia’s house price index for 4Q 2019 and the Reserve Bank of Australia’s meeting minutes, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
