AUD/USD: Aussie reverses its losses in morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 13.18% against the USD and closed at 0.5994.

LME Copper prices declined 0.1% or $6.0/MT to $5,205.0/MT. Aluminium prices fell 0.8% or $12.5/MT to $1,628.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6016, with the AUD trading 0.37% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s Westpac leading index fell 0.42% to a 97.6 in February, compared to a rise of 0.03% in the previous month.

The pair is expected to find support at 0.5937, and a fall through could take it to the next support level of 0.5859. The pair is expected to find its first resistance at 0.6116, and a rise through could take it to the next resistance level of 0.6217.

Moving forward, investors would keep an eye on Australia’s unemployment rate for February and the Reserve Bank of Australia’s interest rate decision, due to release overnight.

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

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