AUD/USD: Australia’s business conditions index soared to its highest level in 9 years in February


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.27% against the USD and closed at 0.7511.

LME Copper prices declined 0.7% or $39.0/MT to $5731.0/MT. Aluminium prices declined 0.03% or $0.5/MT to $1929.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7497, with the AUD trading 0.19% lower against the USD from yesterday’s close.

Earlier in the session, Australia’s NAB business conditions index jumped to a level of 14 in March, surging to its highest level since February 2008 and hinting that the economy could be strengthening. The index registered a level of 9 in the prior month. In contrast, the nation’s NAB business confidence index eased to a level of 6.0 in March, compared to a level of 7.0 in the preceding month.

The pair is expected to find support at 0.7475, and a fall through could take it to the next support level of 0.7453. The pair is expected to find its first resistance at 0.7516, and a rise through could take it to the next resistance level of 0.7535.

Moving ahead, traders would keep a close watch on Australia’s Westpac consumer confidence index for April, scheduled to release in the early hours’ tomorrow.

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

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