AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.62% against the USD to close at 0.7476.
LME Copper prices declined 0.90% or $45.0/MT to $4935.5/MT. Aluminium prices declined 1.64% or $26.0/MT to $1564.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.748, with the AUD trading marginally higher from yesterday’s close.
Early this morning, data indicated that consumer inflation expectations in Australia eased to 3.4% in March, after registering a reading of 3.6% in the previous month.
Meanwhile in China, Australia’s largest trading partner, consumer price index advanced 2.3% YoY in February, compared to a rise of 1.8% in the previous month. Markets were expecting the consumer price index to climb 1.8%. Further, the nation’s producer price index dropped 4.9% YoY in February, meeting market expectations. In the prior month, the index had recorded a drop of 5.3%. In the previous month, the consumer inflation expectations had registered a reading of 3.60%.
The pair is expected to find support at 0.7419, and a fall through could take it to the next support level of 0.7359. The pair is expected to find its first resistance at 0.7535, and a rise through could take it to the next resistance level of 0.7590.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
