AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 8.99% against the USD and closed at 0.6283.
LME Copper prices declined 3.4% or $175.0/MT to $4994.5/MT. Aluminium prices fell 0.6% or $8.0/MT to $1443.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6316, with the AUD trading 0.53% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s Westpac leading index dropped 0.8% on a monthly basis to 96.4 in March, compared to a level of 97.2 in the prior month. Meanwhile, seasonally adjusted retail sales jumped 8.2% on a monthly basis in March, compared to a rise of 0.5% in the prior month.
The pair is expected to find support at 0.6263, and a fall through could take it to the next support level of 0.6210. The pair is expected to find its first resistance at 0.6360, and a rise through could take it to the next resistance level of 0.6404.
Looking ahead, traders would keep a watch on Australia’s Commonwealth Bank services and manufacturing PMIs, both for April, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
