AUD/USD: Aussie trading on a stronger footing this morning


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.16% against the USD and closed at 0.7587.

LME Copper prices declined 0.8% or $49.0/MT to $5807.0/MT. Aluminium prices declined 0.5% or $10.0/MT to $1858.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7597, with the AUD trading 0.13% higher against the USD from yesterday’s close.

Earlier today, China, Australia’s largest trading partner, posted an unexpected trade deficit of CNY60.4 billion in February, as a sharp rise in imports outpaced a modest increase in exports. Markets expected the nation to post a surplus of CNY172.5 billion and following a surplus of CNY354.5 billion in the preceding month.

The pair is expected to find support at 0.7574, and a fall through could take it to the next support level of 0.7551. The pair is expected to find its first resistance at 0.7626, and a rise through could take it to the next resistance level of 0.7655.

With no major economic releases in Australia today, investor sentiment would be governed by global macroeconomic events.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

This entry was posted in AUD/USD. Bookmark the permalink.

Comments are closed.