AUD/USD: Australia’s Westpac consumer sentiment falls to a 5-year low


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 5.79% against the USD and closed at 0.6504.

LME Copper prices rose 2.1% or $115.0/MT to $5,598.0/MT. Aluminium prices climbed 2.8% or $45.5/MT to $1,689.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6514, with the AUD trading 0.15% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s Westpac consumer confidence index fell 3.8% to a level of 91.90 in March, hitting its lowest level since December 2014 and compared to a level of 95.50 in the previous month. Meanwhile, home loan approvals rose 3.1% in January, more than market forecast for a rise of 0.5% and compared to an increase of 3.5% in the prior month.

The pair is expected to find support at 0.6455, and a fall through could take it to the next support level of 0.6396. The pair is expected to find its first resistance at 0.6581, and a rise through could take it to the next resistance level of 0.6648.

Looking ahead, investors would keep a watch on Australia’s consumer inflation expectations for March, slated to release overnight.

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

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