AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.42% against the USD to close at 0.7666.
LME Copper prices rose 0.01% or $0.5/MT to $4940.0/MT. Aluminium prices rose 0.34% or $5.0/MT to $1478.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7644, with the AUD trading 0.29% lower from yesterday’s close.
Early this morning, data showed that Australia’s HIA new home sales declined by 5.3% MoM in February, its biggest drop since July 2014, after registering a 0.6% rise in the previous month. On the other hand, the nation’s private sector credit growth advanced more-than-expected by 0.6% MoM in February, compared to market expectations for it to remain steady at 0.5%.
The pair is expected to find support at 0.7603, and a fall through could take it to the next support level of 0.7562. The pair is expected to find its first resistance at 0.7697, and a rise through could take it to the next resistance level of 0.7750.
Moving ahead, investors will look forward to the release of Australia’s AiG performance of manufacturing index for March, due later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
