AUDUSD Movement
On Friday, the AUD weakened 0.39% against the USD to close at 1.0231. The Australian dollar lost ground following the release of upbeat US non-farm payrolls.
LME Copper prices rose 0.8% or $59.0/MT to $7730.0/MT. Aluminium prices rose 0.9% or $16.5/MT to $1927.0/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0221, with the AUD trading 0.10% lower from Friday’s close, after economic data revealed that China, Australia’s biggest trading partner, posted a weak factory output data for February, damping the outlook for the nation’s commodity exports. Moreover, the annual consumer price inflation in China rose to 3.2% in February, compared to a 2.0% rate reported in the previous month. Additionally, growth in China’s retail sales slowed sharply in February.
The pair is expected to find support at 1.0187, and a fall through could take it to the next support level of 1.0154. The pair is expected to find its first resistance at 1.0270, and a rise through could take it to the next resistance level of 1.0320.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
