AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 1.54% against the USD and closed at 0.7286.
In economic news, data indicated that Australia’s AiG performance of services index entered into expansionary territory after registering a level of 51.8 in February, compared to a reading of 48.4 in the preceding month.
LME Copper prices rose 1.14% or $54.0/MT to $4780.0/MT. Aluminium prices rose 0.41% or $6.5/MT to $1597.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7301, with the AUD trading 0.2% higher from yesterday’s close.
Early this morning, data showed that Australia’s seasonally adjusted trade deficit narrowed more-than-expected to A$2937.0 million in January, compared to a revised deficit of A$3524.0 million in the previous month, while markets expected the nation to register a trade deficit of A$3200.0 million. Imports declined by 1.0%, while exports rose at a similar rate.
Elsewhere in China, Australia’s largest trading partner, the Caixin services PMI index fell to a level of 51.2 in February. In the previous month, the index had recorded a level of 52.4.
The pair is expected to find support at 0.7226, and a fall through could take it to the next support level of 0.7152. The pair is expected to find its first resistance at 0.7349, and a rise through could take it to the next resistance level of 0.7397.
Looking ahead, investor sentiment would be governed by Australia’s seasonally adjusted retail sales data for January, scheduled to be released in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
