AUDUSD Marginally
For the 24 hours to 23:00 GMT, AUD weakened 0.12% against the USD to close at 1.0217.
LME Copper prices remained flat or $3.0/MT to $7828.0/MT. Aluminium prices declined 0.6% or $12.0/MT to $1960.0/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0230, with the AUD trading 0.13% higher from yesterday’s close, after the Australia Industry Group’s (AIG) seasonally adjusted performance of manufacturing index rose to a reading of 45.6 in February, compared to a reading of 40.2 recorded in the previous month.
This morning, China’s official manufacturing purchasing managers’ index (PMI) in China fell to a reading of 50.1 in February, from a reading of 50.4 posted in the previous month. The final HSBC manufacturing PMI dropped to a reading of 50.4 in February, unchanged from the flash estimate and compared to a reading of 52.3 recorded in the last month.
The pair is expected to find support at 1.0193, and a fall through could take it to the next support level of 1.0157. The pair is expected to find its first resistance at 1.0279, and a rise through could take it to the next resistance level of 1.0329.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
