Mon, Mar 27, 2023 @ 23:05 GMT
HomeContributorsFundamental AnalysisAussie Reverses Its Gains In The Morning Session

Aussie Reverses Its Gains In The Morning Session

For the 24 hours to 23:00 GMT, the AUD rose 0.08% against the USD and closed at 0.7571.

LME Copper prices rose 1.5% or $84.0/MT to $5808.5/MT. Aluminium prices rose 1.2% or $24.0/MT to $1962.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7536, with the AUD trading 0.46% lower against the USD from yesterday’s close.

Early morning data revealed that in China, Australia’s largest trading partner, the Caixin services PMI eased to a level of 52.2 in March, expanding at its weakest pace in six months and compared to a reading of 52.6 in the prior month.

The pair is expected to find support at 0.7515, and a fall through could take it to the next support level of 0.7494. The pair is expected to find its first resistance at 0.7572, and a rise through could take it to the next resistance level of 0.7608.

Going ahead, market participants will closely monitor Australia’s AiG performance of construction index for March, slated to release overnight.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financial
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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