AUD/USD: Australia’s Westpac consumer confidence improved in March


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.29% against the USD and closed at 0.7855.

LME Copper prices rose 0.4% or $26.0/MT to $6883.0/MT. Aluminium prices declined 0.8% or $17.0/MT to $2080.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7873, with the AUD trading 0.23% higher against the USD from yesterday’s close.

Overnight data revealed that Australia’s Westpac consumer confidence index rose 0.2% MoM to a level of 103.0 in March, compared to a reading of 102.7 in the prior month.

The pair is expected to find support at 0.7847, and a fall through could take it to the next support level of 0.7820. The pair is expected to find its first resistance at 0.7899, and a rise through could take it to the next resistance level of 0.7924.

Looking ahead, Australia’s consumer inflation expectation data for March, set to release overnight, will be eyed by traders.

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

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