AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.42% against the USD to close at 1.0382. Yesterday, the assistant governor for financial markets at the Reserve Bank of Australia, Guy Debelle, stated that capital flows to fund mining investment and purchases of government debt securities are helping to keep the Australian Dollar higher than expected even as commodity prices ease and interest rates are at historic lows.
LME Copper prices rose 1.4% or $98.5/MT to $7219.0/MT. Aluminium prices rose 3.2% or $57.0/MT to $1861.0/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0353, with the AUD trading 0.28% lower from yesterday’s close.
Data released this morning in Australia indicated that the Westpac leading index rose 0.6% (MoM) in February, compared to a 0.4% rise recorded in the previous month.
The pair is expected to find support at 1.0323, and a fall through could take it to the next support level of 1.0293. The pair is expected to find its first resistance at 1.0391, and a rise through could take it to the next resistance level of 1.0429.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
