AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.95% against the USD and closed at 0.7419.
LME Copper prices rose 1.82% or $88.0/MT to $4918.0/MT. Aluminium prices declined 1.00% or $16.0/MT to $1587.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7415, with the AUD trading 0.19% lower from Friday’s close.
Over the weekend, data indicated that, Australia’s AiG performance of construction index declined to a level of 46.1 in February, registering its lowest reading since February 2015, compared to a reading of 46.3 in the preceding month.
The pair is expected to find support at 0.7366, and a fall through could take it to the next support level of 0.7317. The pair is expected to find its first resistance at 0.7455, and a rise through could take it to the next resistance level of 0.7494.
Moving ahead, investors will look forward to Australia’s NAB business confidence index data for February, scheduled to be released in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
