AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 1.0229.
LME Copper prices rose 0.6% or $46.0/MT to $7831.0/MT. Aluminium prices rose 0.1% or $1.0/MT to $1972.0/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0274, with the AUD trading 0.44% higher from yesterday’s close, as data released this morning in Australia indicated that new home sales rose 4.2% (MoM) in January, compared to a 6.2% rise recorded in the previous month. Meanwhile, the private sector credit advanced 3.6% (YoY) in January, compared to a similar increase recorded in the previous month.
Adding further to the positive sentiment, China’s MNI business sentiment indicator advanced to a reading of 61.0 in February, compared to reading of 55.2 reported in January.
The pair is expected to find support at 1.0209, and a fall through could take it to the next support level of 1.0143. The pair is expected to find its first resistance at 1.0314, and a rise through could take it to the next resistance level of 1.0353.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
