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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.17% against the USD and closed at 0.7077.

LME Copper prices rose 0.7% or $46.5/MT to $6385.0/MT. Aluminium prices rose 2.5% or $47.0/MT to $1896.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7086, with the AUD trading 0.13% higher against the USD from yesterday’s close.

Earlier in the session, Australia’s private sector credit demand rose 0.3% on a monthly basis in February, more than market expectations. In the previous month, private sector credit demand had risen 0.2%.

The pair is expected to find support at 0.7065, and a fall through could take it to the next support level of 0.7043. The pair is expected to find its first resistance at 0.7107, and a rise through could take it to the next resistance level of 0.7127.

Looking ahead, investors would keep an eye on Australia’s CBA manufacturing PMI, building approvals, retail sales along with the Reserve Bank of Australia’s interest rate decision, all set to release next week.

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

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