AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 1.47% against the USD and closed at 0.7126.
LME Copper prices rose 0.56% or $26.0/MT to $4681.0/MT. Aluminium prices declined 0.72% or $11.5/MT to $1588.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7132, with the AUD trading 0.09% higher from Friday’s close.
Early this morning, data showed that Australia’s private sector credit rose by 0.5% MoM in January, at par with investor expectations and compared to a similar rise in the previous month.
The pair is expected to find support at 0.7079, and a fall through could take it to the next support level of 0.7027. The pair is expected to find its first resistance at 0.7214, and a rise through could take it to the next resistance level of 0.7296.
Going forward, investors await the release of Australia’s AiG performance of manufacturing index for February, scheduled to release tonight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
