AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.23% against the USD to close at 0.8996.
LME Copper prices rose 0.2% or $15.0/MT to $7220.0/MT. Aluminium prices advanced 1.9% or $33.0/MT to $1726.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8952, with the AUD trading 0.49% lower from yesterday’s close, after the HSBC’s February manufacturing PMI data for China, Australia’s largest trading partner, slumped to a seven-month low in February and continued to tread in the contraction territory .
Meanwhile, data from Australia showed that the Reserve Bank of Australia (RBA) foreign exchange transaction amounted to A$362.0 million in January, compared to A$884.0 million worth of transactions recorded in the preceding month.
The pair is expected to find support at 0.8909, and a fall through could take it to the next support level of 0.8867. The pair is expected to find its first resistance at 0.9020, and a rise through could take it to the next resistance level of 0.9089.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
