AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 11.89% against the USD and closed at 0.6083.
LME Copper prices rose 0.1% or $3.5/MT to $4,867.0/MT. Aluminium prices declined 1.9% or $27.5/MT to $1,424.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6117, with the AUD trading 0.56% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s AiG performance of services index dropped to a level of 38.7 in March, compared to a reading of 47.0 in the prior month. Additionally, trade surplus narrowed to A$4361.0 million in February, compared to a surplus of A$4745.0 million in the previous month.
The pair is expected to find support at 0.6039, and a fall through could take it to the next support level of 0.5961. The pair is expected to find its first resistance at 0.6162, and a rise through could take it to the next resistance level of 0.6207.
Looking ahead, traders would keep an eye on Australia’s home loans for February, slated to release in overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
