AUDUSD Movement
On Friday, the AUD weakened 0.44% against the USD to close at 1.0501.
LME Copper prices ended flat to $7510.0/MT. Aluminium prices declined 0.8% or $14.5/MT to $1841.0/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0426, with the AUD trading 0.71% lower from Friday’s close, as disappointing Chinese GDP data dented investor sentiment. China’s gross domestic product expanded 7.7% annually in the Q12013, slower than the 7.9% growth recorded in the Q42012, while industrial production rose 8.9% annually in March, much lower than the expected 10.1% growth. Meanwhile, fixed asset investment advanced 20.9% annually in March compared with a forecast of 21.3% expansion. Separately, retail sales climbed 12.6% (YoY) in March, in line with market expectations.
However, the Aussie had risen earlier following a higher-than-expected 2.0% rise in Australian housing loans, while the total value of the new home loans climbed a seasonally adjusted 1.4% to A$21.826 billion, also investment housing edged up 1.8% to A$7.879 billion.
The pair is expected to find support at 1.0373, and a fall through could take it to the next support level of 1.0320. The pair is expected to find its first resistance at 1.0521, and a rise through could take it to the next resistance level of 1.0616.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
