AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.33% against the USD to close at 0.7692.
LME Copper prices declined 0.45% or $26.5/MT to $5800.0/MT. Aluminium prices declined 1.37% or $24.5/MT to $1760.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7646, with the AUD trading 0.59% lower from yesterday’s close.
Earlier today, in China, Australia’s biggest trading partner, consumer price inflation rose 1.4% YoY in February, beating market expectations for a gain of 1.0% and compared to an advance of 0.8% recorded in the preceding month. On the other hand, the producer price index (PPI) slid more than expected by 4.8% YoY in February, higher than market expected drop of 4.3% and following a similar decline registered in January.
Early morning data revealed that the NAB’s business confidence index in Australia dropped to zero in February, from previous month’s level of 3.0, while, business conditions remained unchanged at a level of 2.0 in February.
The pair is expected to find support at 0.7605, and a fall through could take it to the next support level of 0.7563. The pair is expected to find its first resistance at 0.7715, and a rise through could take it to the next resistance level of 0.7783.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
