AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.32% against the USD to close at 0.9373.
LME Copper prices declined 0.5% or $30.0/MT to $6600.0/MT. Aluminium prices rose 0.9% or $16.5/MT to $1833.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9375, with the AUD trading marginally higher from yesterday’s close.
Early morning, the National Australia Bank reported that its index on business confidence in Australia fell to a reading of 6.0 (QoQ) in the first quarter, from a level of 8.0 in the preceding quarter. Meanwhile, a report from China, Australia’s largest trading partner, revealed that, the year-to-date foreign direct investment in the nation rose 5.5% (YoY) in February, compared to a 10.4% (YoY) increase in the previous month.
The pair is expected to find support at 0.9346, and a fall through could take it to the next support level of 0.9317. The pair is expected to find its first resistance at 0.9398, and a rise through could take it to the next resistance level of 0.9421.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
