The Australian Dollar kept its bid against the overall weaker US Dollar and strong Gold prices despite weaker equities and Emerging Market currencies. AUD/USD opens at 0.6392 in early Sydney, up from Friday’s close at 0.6358. While the Aussie stayed bid, Emerging Market and Asian currencies were mostly weaker against the US Dollar. This will be a factor in the Battler’s attempt to gain further ground. Traders today will also focus on the data coming out of Australia and China.
Australia’s National Australia Bank March Business Confidence and Conditions Index kick off today’s economic reports. China follows with its Trade Data for March where economists are expecting a recovery. Median forecasts are for a trade surplus of +CNY 175 billion from February’s Deficit of -CNY 43 billion.
AUD/USD has immediate resistance at the 0.6425 level followed by 0.6475. Immediate support lies at 0.6350 and 0.6320. AUD/USD should see a trading range today between 0.6325-0.6425. Prefer to sell rallies today with the Asian currencies remaining weak.