AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.31% against the USD to close at 1.0233. However, losses in the Aussie were slightly contained, as late yesterday the Australian Industry Group (AiG) revealed that its performance of construction index in Australia surged to a reading of 45.6 in February, from a reading of 36.2 recorded in the previous month.
LME Copper prices declined 0.3% or $20.5/MT to $7699.5/MT. Aluminium prices declined 0.8% or $15.0/MT to $1928.0/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0249, with the AUD trading 0.16% higher from yesterday’s close.
The Australian Bureau of Statistics indicated that the merchandise trade deficit in Australia widened more-than-expected to A$1,057.0 million in January, compared to a revised A$688.0 million deficit reported in the previous month.
The pair is expected to find support at 1.0213, and a fall through could take it to the next support level of 1.0177. The pair is expected to find its first resistance at 1.0290, and a rise through could take it to the next resistance level of 1.0331.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
