AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.79% against the USD to close at 1.0380, benefitting from strong Australian employment data. However, rally in the Aussie loosed the steam, after the Reserve Bank of Australia Assistant Governor, Christopher Kent remained sceptical about February’s job surge, stating that the jobs report could have been overstated due to “some statistical error.”
LME Copper prices declined 0.2% or $15.5/MT to $7762.0/MT. Aluminium prices declined 0.4% or $7.5/MT to $1938.0/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0376, with the AUD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0340, and a fall through could take it to the next support level of 1.0305. The pair is expected to find its first resistance at 1.0407, and a rise through could take it to the next resistance level of 1.0439.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
