AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.38% against the USD to close at 0.8958.
LME Copper prices rose marginally by $2.5/MT to $7035.0/MT. Aluminium prices advanced 0.7% or $12.5/MT to $1687.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8958, flat from yesterday’s close.
On the economic front, data showed that Australia’s GDP rose 2.8% (YoY) in the fourth quarter, more than analysts’ call for a rise of 2.5% and compared to a 2.3% (YoY) increase registered in the preceding quarter. Additionally, the AiG reported that the performance of service index in Australia advanced to a reading of 55.2 in February, the highest level in six years, from a figure of 49.3 recorded in the previous month.
Separately, a report from China, its largest trading partner, showed that the HSBC service PMI rose to a three-month high reading of 51.0 in February, from previous month’s level of 50.7.
The pair is expected to find support at 0.8919, and a fall through could take it to the next support level of 0.8879. The pair is expected to find its first resistance at 0.8998, and a rise through could take it to the next resistance level of 0.9037.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
