AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 6.75% against the USD and closed at 0.6438.
Elsewhere in China, Australia’s largest trading partner, trade surplus stood at $19.9 billion in March, compared to a deficit of $7.1 billion in the previous month.
LME Copper prices rose 3.3% or $155.5/MT to $5,119.0/MT. Aluminium prices climbed 1.9% or $27.5/MT to $1,456.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6410, with the AUD trading 0.43% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s Westpac consumer confidence plunged 17.7% to 75.6 in April, compared to 91.9 in the prior month.
The pair is expected to find support at 0.6375, and a fall through could take it to the next support level of 0.6340. The pair is expected to find its first resistance at 0.6445, and a rise through could take it to the next resistance level of 0.6480.
Moving ahead, investors would keep a watch on Australia’s consumer inflation expectations for April and unemployment rate for March, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
