AUD/USD: Australia’s home loans surprisingly fell in February


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.54% against the USD and closed at 0.7499 on Friday.

LME Copper prices declined 1.7% or $100.5/MT to $5770.0/MT. Aluminium prices declined 1.4% or $26.5/MT to $1929.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7482, with the AUD trading 0.23% lower against the USD from Friday’s close.

Early morning data indicated that Australia’s home loans unexpectedly dropped by 0.5% in February, compared to a revised rise of 0.4% in the prior month, while markets were expecting for a flat reading.

The pair is expected to find support at 0.7456, and a fall through could take it to the next support level of 0.7429. The pair is expected to find its first resistance at 0.7527, and a rise through could take it to the next resistance level of 0.7571.

Moving ahead, market participants focus on Australia’s NAB business confidence index for March, slated to release in the early hours of tomorrow.

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

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