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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.14% against the USD and closed at 0.7088.

LME Copper prices rose 0.1% or $8.0/MT to $6500.0/MT. Aluminium prices rose 1.5% or $28.5/MT to $1907.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7074, with the AUD trading 0.20% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s Westpac leading index remained flat on a monthly basis in February, following a revised rise of 0.06% in the prior month.

The pair is expected to find support at 0.7051, and a fall through could take it to the next support level of 0.7029. The pair is expected to find its first resistance at 0.7102, and a rise through could take it to the next resistance level of 0.7131.

Going ahead, traders would keep an eye on Australia’s unemployment rate for February, slated to release overnight.

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

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