AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 4.39% against the USD and closed at 0.6601.
LME Copper prices declined 2.5% or $141.0/MT to $5,483.0/MT. Aluminium prices fell 2.6% or $43.5/MT to $1,643.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6579, with the AUD trading 0.33% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s NAB business confidence index declined to a level of -4.0 in February, compared to a level of -1.0 in the previous month. Additionally, the NAB business conditions index recorded a flat reading in February, compared to a revised level of 2.00 in the prior month.
The pair is expected to find support at 0.6490, and a fall through could take it to the next support level of 0.6402. The pair is expected to find its first resistance at 0.6676, and a rise through could take it to the next resistance level of 0.6774.
Looking ahead, traders would keep a watch on Australia’s Westpac consumer confidence index for March and home loans data for January, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
