AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.14% against the USD and closed at 0.7674.
LME Copper prices rose 0.8% or $46.0/MT to $5927.0/MT. Aluminium prices rose 1.7% or $31.0/MT to $1908.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7683, with the AUD trading 0.12% higher against the USD from yesterday’s close.
Overnight data revealed that Australia’s HIA new home sales dropped 2.2% on a monthly basis in January, following a rise of 0.2% in the prior month. Meanwhile, the nation’s private sector credit climbed 0.2% on a monthly basis in January, lower than market expectations for an advance of 0.5% and after recording a gain of 0.7% in the prior month.
The pair is expected to find support at 0.7662, and a fall through could take it to the next support level of 0.7642. The pair is expected to find its first resistance at 0.7705, and a rise through could take it to the next resistance level of 0.7728.
Going ahead, Australia’s AiG performance of manufacturing index for February, scheduled to release overnight, will garner a lot of market attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
