AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 12.20% against the USD and closed at 0.6062.
LME Copper prices rose 1.0% or $49.5/MT to $4,821.5/MT. Aluminium prices declined 1.0% or $15.0/MT to $1,448.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6065, with the AUD trading 0.05% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s AiG performance of construction index dropped to a level of 37.9 in March, marking its lowest level since May 2013 and compared to a reading of 42.7 in the previous month. Additionally, Commonwealth Bank services PMI unexpectedly fell to a level of 38.5 in March, compared to a reading of 39.8 in the previous month. On the other hand, seasonally adjusted retail sale rose 0.5% on a monthly basis in February, beating market expectations for a rise of 0.4% and compared to a drop of 0.3% in the earlier month.
Elsewhere in China, Australia’s largest trading partner, the Caixin services PMI jumped to a level of 43.0 in March, compared to a reading of 26.5 in the previous month.
The pair is expected to find support at 0.6008, and a fall through could take it to the next support level of 0.5952. The pair is expected to find its first resistance at 0.6120, and a rise through could take it to the next resistance level of 0.6176.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
