AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 1.0453.
LME Copper prices declined 0.4% or $29.0/MT to $7405.5/MT. Aluminium prices declined 0.9% or $16.5/MT to $1845.5/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0475, with the AUD trading 0.21% higher from yesterday’s close, as retail sales and building approvals data in Australia posted upbeat figures in February.
Data released this morning indicated that the seasonally adjusted retail sales climbed by 1.3% (MoM) in February, compared to a revised 1.2% gain in January. Meanwhile, the seasonally adjusted building approvals rose 3.1% (MoM) in February, compared to a revised 2.0% decline posted in the previous month. Separately, the Australia Industry Group’s performance of services index advanced to a reading of 49.6 in March, compared to a reading of 48.5 recorded in February.
The pair is expected to find support at 1.0448, and a fall through could take it to the next support level of 1.0420. The pair is expected to find its first resistance at 1.0501, and a rise through could take it to the next resistance level of 1.0526.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
