AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.27% against the USD and closed at 0.7095.
LME Copper prices rose 0.3% or $19.0/MT to $6529.0/MT. Aluminium prices rose 1.2% or $22.0/MT to $1873.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7066, with the AUD trading 0.41% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s consumer inflation expectations advanced 4.1% in March, following a rise of 3.7% in the preceding month.
Elsewhere in China, Australia’s largest trading partner, industrial production (YTD) advanced 5.3% on a yearly basis in February, compared to a gain of 6.2% in the prior month. Market participants had envisaged industrial production to climb 5.6%. Moreover, the nation’s retail sales (YTD) jumped 8.2% on an annual basis in February, in line with market consensus and compared to a rise of 9.0% in the previous month.
The pair is expected to find support at 0.7045, and a fall through could take it to the next support level of 0.7023. The pair is expected to find its first resistance at 0.7093, and a rise through could take it to the next resistance level of 0.7119.
Amid lack of economic releases in Australia today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages .
