AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.33% against the USD to close at 0.7828.
LME Copper prices rose 1.03% or $58.0/MT to $5715.0/MT. Aluminium prices rose 1.10% or $19.5/MT to $1792.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7878, with the AUD trading 0.65% higher from yesterday’s close.
Early morning data showed that in China, Australia’s biggest trading partner, the HSBC manufacturing PMI unexpectedly came out of negative territory and hit a 4-month high of 50.1 in February, beating market expectations of a drop to a level of 49.5 and following a reading of 49.7 registered in prior month.
In Australia, skilled vacancies advanced 0.7% on a monthly basis in January, up from prior month’s revised gain of 0.4%.
The pair is expected to find support at 0.7783, and a fall through could take it to the next support level of 0.7687. The pair is expected to find its first resistance at 0.7931, and a rise through could take it to the next resistance level of 0.7984.
Amid a light economic calendar in Australia this week, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
