AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.29% against the USD and closed at 0.7643.
LME Copper prices rose 0.2% or $13.0/MT to $5860.0/MT. Aluminium prices rose 1.2% or $24.0/MT to $1955.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7639, with the AUD trading slightly lower against the USD from yesterday’s close.
Early morning data indicated that Australia’s private sector credit recorded a rise of 0.3% on a monthly basis in February, falling short of market expectations for an advance of 0.5%. In the prior month, the private sector credit had registered a rise of 0.2%.
Elsewhere in China, Australia’s largest trading partner, manufacturing PMI climbed to a level of 51.8 in March, expanding at its fastest pace in almost five years, thus adding to evidence that the world’s second-largest economy is gaining steam early in the year. The PMI had registered a reading of 51.6 in the previous month, whereas markets were expecting a rise to a level of 51.7. Moreover, the nation’s NBS non-manufacturing PMI rose to a two-year high level of 55.1 in March, reflecting strength in the nation’s services sector and following a reading of 54.2 in the preceding month.
The pair is expected to find support at 0.7623, and a fall through could take it to the next support level of 0.7607. The pair is expected to find its first resistance at 0.7667, and a rise through could take it to the next resistance level of 0.7695.
Next week, traders will closely monitor the Reserve Bank of Australia’s (RBA) interest rate decision along with Australia’s AiG performance of manufacturing, services and construction PMI’s as well as retail sales and trade balance data.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
