AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.06% against the USD and closed at 0.7167.
LME Copper prices rose 1.7% or $105.0/MT to $6351.5/MT. Aluminium prices declined 0.2% or $4.0/MT to $1829.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7167, with the AUD trading flat against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted unemployment rate remained unchanged at a rate of 5.0% in January, meeting market expectations. Meanwhile, the nation’s flash CBA manufacturing PMI dropped to a level of 53.1 in February, following a reading of 53.9 in the preceding month. Additionally, the services PMI dropped to a level of 49.3 in February, compared to a reading of 51.0 in the prior month.
The pair is expected to find support at 0.7136, and a fall through could take it to the next support level of 0.7106. The pair is expected to find its first resistance at 0.7202, and a rise through could take it to the next resistance level of 0.7238.
In absence of key economic releases in Australia today, investor sentiment would be determined by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
