For the 24 hours to 23:00 GMT, the AUD declined 16.08% against the USD and closed at 0.5794 on Friday, after Australia’s Prime Minister, Scott Morrison, announced the closure of non-essential services amid increasing coronavirus cases in the country.
LME Copper prices rose 3.6% or $170.0/MT to $4,855.0/MT. Aluminium prices declined marginally or $0.5/MT to $1,580.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.5762, with the AUD trading 0.55% lower against the USD from Friday’s close.
The pair is expected to find support at 0.5647, and a fall through could take it to the next support level of 0.5532. The pair is expected to find its first resistance at 0.5931, and a rise through could take it to the next resistance level of 0.6100.
Moving ahead, investors would focus on Australia’s Commonwealth Bank manufacturing and services PMIs, for March, slated to release overnight.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
