AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.23% against the USD to close at 0.9017.
LME Copper prices declined 0.1% or $5.0/MT to $7205.0/MT. Aluminium prices fell 0.4% or $7.0/MT to $1693.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9013, with the AUD trading slightly lower from yesterday’s close. Earlier today, in Australia, the CB leading indicator rose 0.8% in December, following a 0.2% rise recorded in the preceding month. Meanwhile, the wage price index rose more-than-expected 0.7% (QoQ) in the fourth quarter, compared to a 0.5% (QoQ) rise recorded in the previous month. However, the Westpac leading index registered a 0.2% (MoM) drop in January, compared to a 0.1% rise witnessed in December.
Separately, data from China, Australia’s largest trading partner, showed that the MNI business sentiment indicator fell to a reading of 50.2 in February, the lowest level seen in 5 years, from a level of 52.2 recorded in the previous month.
The pair is expected to find support at 0.8978, and a fall through could take it to the next support level of 0.8943. The pair is expected to find its first resistance at 0.9058, and a rise through could take it to the next resistance level of 0.9103.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
