AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.13% against the USD and closed at 0.7018.
LME Copper prices declined 0.7% or $47.0/MT to $6458.0/MT. Aluminium prices declined 0.3% or $5.0/MT to $1841.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7012, with the AUD trading 0.09% lower against the USD from yesterday’s close.
Elsewhere, in China, Australia’s largest trading partner, trade surplus narrowed more than expected to $4.1 billion in February, compared to a level of $39.2 billion in the previous month.
The pair is expected to find support at 0.6994, and a fall through could take it to the next support level of 0.6976. The pair is expected to find its first resistance at 0.7041, and a rise through could take it to the next resistance level of 0.7070.
Amid lack of economic releases in Australia today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
