AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.26% against the USD to close at 0.7598.
LME Copper prices declined 0.51% or $31.0/MT to $6019.5/MT. Aluminium prices declined 1.31% or $23.5/MT to $1765.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7577, with the AUD trading 0.29% lower from yesterday’s close.
Early morning data showed that Australia’s trade deficit widened to AUD1256.0 million in February, compared to previous month’s deficit of AUD980.0 million, while markets were expecting the nation to record a trade deficit of AUD1300.0 million.
Overnight data showed that TD Securities monthly inflation gauge in Australia recorded a rise to 0.40% in March, following a level of 0.0% registered in the preceding month.
The pair is expected to find support at 0.7548, and a fall through could take it to the next support level of 0.7520. The pair is expected to find its first resistance at 0.7625, and a rise through could take it to the next resistance level of 0.7673.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
