AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.6% against the USD and closed at 0.7680.
On the data front, China’s leading economic index rose 1.2% in February. In the prior month, the index had advanced 1.1%.
LME Copper prices declined 2.1% or $125.5/MT to $5765.5/MT. Aluminium prices rose 0.5% or $10.0/MT to $1918.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7660, with the AUD trading 0.26% lower against the USD from yesterday’s close.
Overnight data indicated that Australia’s Westpac leading index dropped 0.07% on a monthly basis in February. In the prior month, the Westpac leading index had advanced 0.03%.
The pair is expected to find support at 0.7622, and a fall through could take it to the next support level of 0.7583. The pair is expected to find its first resistance at 0.7724, and a rise through could take it to the next resistance level of 0.7787.
With no economic releases in Australia today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
