AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.71% against the USD and closed at 0.7143.
LME Copper prices rose 1.0% or $62.0/MT to $6533.0/MT. Aluminium prices rose 1.5% or $28.5/MT to $1898.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7147, with the AUD trading 0.06% higher against the USD from yesterday’s close.
In economic news, Australia’s private sector credit rose 0.2% on a monthly basis in January, less than market expectations for a rise of 0.3%. In the previous month, private sector credit had registered a similar rise.
Elsewhere in China, Australia’s largest trading partner, the NBS manufacturing PMI fell to a level of 49.2 in February, more than market consensus for a fall to a level of 49.4. The PMI had recorded a level of 49.5 in the previous month.
The pair is expected to find support at 0.7118, and a fall through could take it to the next support level of 0.7090. The pair is expected to find its first resistance at 0.7184, and a rise through could take it to the next resistance level of 0.7222.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
