AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 1.19% against the USD to close at 0.7511.
In economic news, Australia’s foreign exchange reserves rose to A$64.3 billion in March. In the prior month, foreign exchange reserves had registered a level of A$61.2 billion.
LME Copper prices declined 1.26% or $60.0/MT to $4715.0/MT. Aluminium prices rose 0.27% or $4.0/MT to $1485.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7534, with the AUD trading 0.31% higher from yesterday’s close.
The pair is expected to find support at 0.7471, and a fall through could take it to the next support level of 0.7408. The pair is expected to find its first resistance at 0.7618, and a rise through could take it to the next resistance level of 0.7702.
Amid no economic releases in Australia today, investors will look forward to the nation’s unemployment rate, consumer inflation expectations and home loans data, all scheduled to release next week.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
