AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.41% against the USD to close at 0.7888.
LME Copper prices declined 0.52% or $33.5/MT to $6363.0/MT. Aluminium prices declined 0.64% or $12.0/MT to $1852.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7915, with the AUD trading 0.35% higher from yesterday’s close.
Early morning data showed that home loan approvals in Australia advanced more than expected by 1.6%, compared to market expectations for a 1.0% rise. It had risen 1.1% in the previous month. Meanwhile, investment lending in the nation rose 6.4% in March, following a revised drop of 3.3% in February.
The pair is expected to find support at 0.7886, and a fall through could take it to the next support level of 0.7857. The pair is expected to find its first resistance at 0.7934, and a rise through could take it to the next resistance level of 0.7953.
Going forward, investors would closely monitor Australia’s budget, scheduled in a few hours for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
