AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.63% against the USD to close at 1.0277.
LME Copper prices declined 0.7% or $53.0/MT to $7677.0/MT. Aluminium prices declined 1.6% or $31.5/MT to $1895.5/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0281, with the AUD trading marginally higher from yesterday’s close.
The National Australia Bank (NAB) reported this morning that its business confidence index in Australia dropped to a reading of 1.0 in February, compared to a reading of 3.0 recorded in January, while its business conditions index declined to a reading of -3.0 in February, from a reading of -2.0 recorded in the previous month.
The pair is expected to find support at 1.0227, and a fall through could take it to the next support level of 1.0174. The pair is expected to find its first resistance at 1.0324, and a rise through could take it to the next resistance level of 1.0368.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
