AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 4.72% against the USD and closed at 0.6615.
LME Copper prices declined 0.3% or $15.5/MT to $5,730.0/MT. Aluminium prices rose 0.1% or $1.0/MT to $1687.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6604, with the AUD trading 0.17% lower against the USD from yesterday’s close.
Overnight data indicated that Australia’s Commonwealth Bank services PMI unexpectedly dropped to 48.4 in February, compared to a level of 50.6 in the previous month. Meanwhile, the Commonwealth Bank manufacturing PMI unexpectedly climbed to 49.8 in February, compared to a reading of 49.6 in the prior month.
The pair is expected to find support at 0.6579, and a fall through could take it to the next support level of 0.6554. The pair is expected to find its first resistance at 0.6642, and a rise through could take it to the next resistance level of 0.6680.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
