AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.44% against the USD to close at 1.0525.
In the Asian session, at GMT0400, the pair is trading at 1.0552, with the AUD trading 0.25% higher from yesterday’s close.
On the economic front, investment lending in Australia fell sharply 7.1% in January compared to a rise of 7.5% in December, while home loans dropped 1.2% in January. Additionally, National Australia Bank (NAB) reported that Australian business confidence falls to a reading of 1.0 in February compared to a reading of 4.0 in January.
LME Copper prices rose 1.0% or $11/MT to $ 8401.3/ MT. Aluminium prices declined 0.2% or $3.5/MT to $ 2166.3/ MT.
The pair is expected to find support at 1.0496, and a fall through could take it to the next support level of 1.0441. The pair is expected to find its first resistance at 1.0584, and a rise through could take it to the next resistance level of 1.0616.
Trading trends in the pair today are expected to be determined by the release of Australian consumer confidence.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
