AUD/USD: Australia’s NAB business conditions jumped to a record high in February


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.08% against the USD and closed at 0.7869.

LME Copper prices rose 0.7% or $49.0/MT to $6857.0/MT. Aluminium prices rose 0.9% or $18.5/MT to $2097.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7875, with the AUD trading 0.08% higher against the USD from yesterday’s close, after Australia’s NAB business conditions index climbed to a record high level of 21.0 in February, thus pointing to robust business activity in the resource-rich nation. The index had recorded a revised reading of 18.00 in the prior month.

On the contrary, the nation’s NAB business confidence index declined to a level of 9.0 in February, as a recent global financial market rout weighed on business sentiment. In the previous month, the index had recorded a revised reading of 11.0.

The pair is expected to find support at 0.7858, and a fall through could take it to the next support level of 0.7842. The pair is expected to find its first resistance at 0.7888, and a rise through could take it to the next resistance level of 0.7902.

Moving ahead, traders would keep a close watch on Australia’s Westpac consumer confidence index for March, scheduled to release overnight.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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