AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.39% against the USD to close at 0.9021, hurt by the latest batch of soft economic data from its largest trading partner, China.
LME Copper prices fell 3.1% or $214.5/MT to $6716.0/MT. Aluminium prices declined 0.8% or $14.5/MT to $1715.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9027, with the AUD trading 0.07% higher from yesterday’s close. Earlier today, the National Australia Bank (NAB) reported that its index on business confidence of Australia fell to a reading of 7.0 in February, from previous month’s revised figure of 9.0, while its index on business conditions registered a flat reading last month as compared to a reading of 4.0 in the preceding month.
The pair is expected to find support at 0.9005, and a fall through could take it to the next support level of 0.8982. The pair is expected to find its first resistance at 0.9054, and a rise through could take it to the next resistance level of 0.9080.
Traders look forward to the Westpac consumer confidence data for further cues in the Aussie.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
