AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.56% against the USD to close at 0.7596.
LME Copper prices declined 0.30% or $18.0/MT to $6001.5/MT. Aluminium prices rose 0.28% or $5.0/MT to $1770.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7611, with the AUD trading 0.19% higher from yesterday’s close.
The RBA maintained its interest rates unchanged at 2.25% for the second consecutive month, which is still the lowest level since the 1960’s. However, it added that “further easing of policy may be appropriate over the period ahead” in a bid to spur economic growth in the nation.
Early morning data showed that retail sales in Australia advanced 0.7% MoM in February, beating market expectations of 0.4% rise and compared to last month’s revised gain of 0.5%.
Overnight data indicated that Australia’s AiG performance of service index rose to a level of 50.2 in March, down from previous month’s reading of 51.7.
The pair is expected to find support at 0.7567, and a fall through could take it to the next support level of 0.7524. The pair is expected to find its first resistance at 0.7662, and a rise through could take it to the next resistance level of 0.7713.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
