AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 7.40% against the USD and closed at 0.6393.
Elsewhere in China, Australia’s largest trading partner, the producer price index dropped 1.5% on an annual basis in March, more than market expectations for a fall of 1.1% and compared to a drop of 0.4% in the previous month. Additionally, the consumer price index rose 4.3% on an annual basis in China, less than market consensus for an advance of 4.8% and compared to a rise of 5.2% in the prior month.
LME Copper prices declined 0.3% or $12.5/MT to $4,963.5/MT. Aluminium prices rose 0.5% or $7.0/MT to $1,428.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6425, with the AUD trading 0.50% higher against the USD from yesterday’s close.
Overnight data showed that the NAB business confidence unexpectedly plunged to a level of -66.0 in March, defying market forecast for a steady reading and compared to a revised level of -2.0 in the previous month. Additionally, the NAB business conditions unexpectedly dropped to a level of -21.0 in March, confounding market anticipations for a rise to a level of 1.0 and compared to a flat reading in the prior month.
The pair is expected to find support at 0.6360, and a fall through could take it to the next support level of 0.6295. The pair is expected to find its first resistance at 0.6461, and a rise through could take it to the next resistance level of 0.6497.
Moving ahead, traders would keep an eye on Australia’s Westpac consumer confidence for April, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
