AUD/USD: Aussie trading lower in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 4.19% against the USD and closed at 0.6615.

LME Copper prices declined 0.5% or $27.0/MT to $5,667.5/MT. Aluminium prices fell 0.5% or $8.5/MT to $1,715.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6597, with the AUD trading 0.27% lower against the USD from yesterday’s close.

Overnight data indicated that Australia’s AiG performance of services index dropped to a level of 47.0 in February. In the prior month, the index had recorded a level of 47.4. Additionally, retail sales eased 0.3% on a monthly basis in January, compared to a revised drop of 0.7% in the previous month.

The pair is expected to find support at 0.6575, and a fall through could take it to the next support level of 0.6553. The pair is expected to find its first resistance at 0.6628, and a rise through could take it to the next resistance level of 0.6659.

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

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