AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.56% against the USD to close at 0.7553.
LME Copper prices declined 1.29% or $61.0 /MT to $4654.0 /MT. Aluminium prices rose 0.47% or $7.0 /MT to $1492.0 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7565, with the AUD trading 0.16% higher from Friday’s close.
Early this morning, data showed that Australia’s home loan approvals advanced 1.5% in February, compared to a fall of 3.9% in the prior month. Markets were expecting home loan approvals to rise 2.0%.
Meanwhile, in China, Australia’s largest trading partner, consumer price index (CPI) rose less-than-expected by 2.3% YoY in March, compared to market expectations for a rise of 2.4%. In the previous month, the CPI had registered a rise of 2.3%. On the other land, the nation’s producer price index recorded a drop of 4.3% YoY in March, lower than market expectations for a drop of 4.6%. In the previous month, the producer price index had registered a drop of 4.9%.
The pair is expected to find support at 0.7531, and a fall through could take it to the next support level of 0.7498. The pair is expected to find its first resistance at 0.7590, and a rise through could take it to the next resistance level of 0.7615.
Going ahead, investors will look forward to Australia’s NAB business conditions and confidence index data, scheduled to release in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
