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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 3.28% against the USD and closed at 0.6715.

LME Copper prices rose 0.6% or $36.5/MT to $5,696.0/MT. Aluminium prices climbed 0.8% or $13.5/MT to $1,689.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6731, with the AUD trading 0.24% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s Westpac consumer confidence index rose 2.3% on a monthly basis to a level of 95.5 in February, compared to a level of 93.40 in the previous month.

The pair is expected to find support at 0.6708, and a fall through could take it to the next support level of 0.6684. The pair is expected to find its first resistance at 0.6746, and a rise through could take it to the next resistance level of 0.6760.

Going ahead, traders would keep a close watch on Australia’s consumer inflation expectations for February and a speech by the Reserve Bank of Australia’s (RBA) Governor, Philip Lowe, due overnight.

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

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