AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.57% against the USD and closed at 0.7074.
LME Copper prices declined 0.6% or $36.5/MT to $6435.0/MT. Aluminium prices rose/declined 1.0% or $18.0/MT to $1830.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7072, with the AUD trading slightly lower against the USD from yesterday’s close.
Overnight data showed that Australia’s NAB business confidence index declined to a level of 2.0 in February, compared to a reading of 4.0 in the previous month. Moreover, the nation’s business conditions index eased to a level of 4.0 in February, following a level of 7.0 in the prior month. Additionally, new home loan approvals fell 1.2% on a monthly basis in January, less than market expectations. In the previous month, home loan approvals had recorded a revised drop of 8.0%.
The pair is expected to find support at 0.7043, and a fall through could take it to the next support level of 0.7014. The pair is expected to find its first resistance at 0.7091, and a rise through could take it to the next resistance level of 0.7110.
Moving ahead, traders would keep an eye on Australia’s Westpac consumer confidence index for March, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
