AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.17% against the USD and closed at 0.6999 on Friday.
LME Copper prices rose 0.4% or $23.5/MT to $6135.5/MT. Aluminium prices declined 0.1% or $1.5/MT to $1765.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6977, with the AUD trading 0.31% lower against the USD from Friday’s close.
Overnight data showed that Australia’s seasonally adjusted home loan approvals declined 2.8% on a monthly basis in March, compared to a revised advance of 0.5% in the previous month. Market participants had anticipated home loan approvals to record a fall of 0.5%.
The pair is expected to find support at 0.6962, and a fall through could take it to the next support level of 0.6947. The pair is expected to find its first resistance at 0.7004, and a rise through could take it to the next resistance level of 0.7031.
Looking ahead, traders would await Australia’s NAB business confidence index for April, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
