AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD marginally rose against the USD and closed at 0.7076.
LME Copper prices rose 1.2% or $75.0/MT to $6510.0/MT. Aluminium prices rose 1.2% or $21.0/MT to $1851.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7057, with the AUD trading 0.27% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s Westpac consumer confidence index dropped 4.8% on a monthly basis, to a level of 98.8 in March. The index had recorded a reading of 103.8 in the prior month.
The pair is expected to find support at 0.7040, and a fall through could take it to the next support level of 0.7023. The pair is expected to find its first resistance at 0.7083, and a rise through could take it to the next resistance level of 0.7109.
Moving ahead, investors would closely monitor Australia’s consumer inflation expectations for March, set to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
