AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.65% against the USD to close at 0.7465.
LME Copper prices declined 1.48% or $74.0/MT to $4920.0/MT. Aluminium prices declined 1.60% or $24.5/MT to $1508.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7459, with the AUD trading 0.08% lower from yesterday’s close.
Overnight data showed that Australia’s Westpac leading index declined 0.15% MoM in February, following a revised rise of 0.12% in the previous month.
The pair is expected to find support at 0.7431, and a fall through could take it to the next support level of 0.7404. The pair is expected to find its first resistance at 0.7494, and a rise through could take it to the next resistance level of 0.7529.
Moving ahead, investors will look forward to Australia’s unemployment rate and the RBA bulletin, scheduled to release in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
