AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.66% against the USD and closed at 0.7465.
LME Copper prices rose 1.67% or $82.0/MT to $5000.0/MT. Aluminium prices rose 0.79% or $12.5/MT to $1600.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7426, with the AUD trading 0.53% lower from yesterday’s close.
Earlier today, Australia’s NAB business confidence index remained steady at a level of 3.0 in February. Further the NAB business conditions index rose to a level of 8.0 in February, compared to a level of 5.0 in the previous month.
Meanwhile, in China, Australia’s largest trading partner, trade surplus narrowed to CNY209.5 billion in February, while markets expected a trade surplus of CNY341.0 billion and compared to a surplus of CNY406.2 billion in the preceding month. Further, the nation’s exports declined 20.6% YoY, while imports fell 8.0% YoY in February.
The pair is expected to find support at 0.7383, and a fall through could take it to the next support level of 0.7341. The pair is expected to find its first resistance at 0.7477, and a rise through could take it to the next resistance level of 0.7528.
Moving ahead, Australia’s Westpac consumer confidence index data for March, slated to release overnight, would be on investor’s radar.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
