AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.75% against the USD and closed at 0.7027.
LME Copper prices declined 0.7% or $48.5/MT to $6505.0/MT. Aluminium prices declined 1.2% or $22.5/MT to $1846.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7044, with the AUD trading 0.24% higher against the USD from yesterday’s close.
Overnight data revealed that Australia’s AIG performance of construction index rose to a level of 43.8 in February, compared to a reading of 43.1 in the previous month. Moreover, the nation’s seasonally adjusted trade surplus unexpectedly widened to A$4549.0 million in January, compared to a revised surplus of A$3769.0 million in the prior month. Market participants had expected the surplus to narrow to A$2750.0 million.
The pair is expected to find support at 0.7028, and a fall through could take it to the next support level of 0.7011. The pair is expected to find its first resistance at 0.7054, and a rise through could take it to the next resistance level of 0.7063.
Amid lack of economic releases in Australia today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
