AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.48% against the USD and closed at 0.7430.
LME Copper prices declined 0.39% or $19.5/MT to $4980.5/MT. Aluminium prices declined 0.62% or $10.0/MT to $1590.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7424, with the AUD trading 0.08% lower from yesterday’s close.
Overnight data indicated that Australia’s Westpac consumer confidence index declined by 2.2% MoM to a level of 99.1 in March, compared to a reading of 101.3 in the previous month.
Early this morning, data showed that home loan approvals in Australia fell more-than-expected by 3.9% in January, compared to a revised rise of 2.7% in the prior month. Market expectation was for home loan approvals to drop 3.0%.
The pair is expected to find support at 0.7398, and a fall through could take it to the next support level of 0.7373. The pair is expected to find its first resistance at 0.746, and a rise through could take it to the next resistance level of 0.7497.
Moving ahead, Australia’s consumer inflation expectation data for March, slated to be released in the early hours tomorrow, will attract market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
