AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.54% against the USD and closed at 0.7098.
LME Copper prices declined 0.8% or $46.0/MT to $6102.0/MT. Aluminium prices declined 0.4% or $7.5/MT to $1840.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7131, with the AUD trading 0.46% higher against the USD from yesterday’s close.
Overnight data indicated that Australia’s Westpac consumer confidence index advanced 4.3% to a level of 103.8 in February, compared to a reading of 99.6 in the previous month.
The pair is expected to find support at 0.7087, and a fall through could take it to the next support level of 0.7044. The pair is expected to find its first resistance at 0.7153, and a rise through could take it to the next resistance level of 0.7176.
Going ahead, traders would await Australia’s consumer inflation expectations for February, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
