AUD/USD: Aussie extends its losses in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 4.10% against the USD and closed at 0.6621.

LME Copper prices rose 0.5% or $26.5/MT to $5,694.5/MT. Aluminium prices climbed 1.0% or $17.5/MT to $1,723.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.662, with the AUD trading marginally lower against the USD from yesterday’s close.

Overnight data showed that Australia’s seasonally adjusted trade surplus narrowed to A$5210.0 million in January, less than market anticipations and compared to a revised surplus of A$5376.0 million in the prior month.

The pair is expected to find support at 0.6597, and a fall through could take it to the next support level of 0.6575. The pair is expected to find its first resistance at 0.6636, and a rise through could take it to the next resistance level of 0.6653.

Looking forward, market participants would keep a close watch on Australia’s AiG performance of services index for February and retail sales for January, due to release overnight.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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