AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.25% against the USD to close at 1.0270. The Aussie suffered losses after China’s HSBC manufacturing PMI recorded a drop in February.
Moreover, the Aussie was further pressured after late yesterday, Assistant Governor of the Reserve Bank of Australia (RBA), Guy Debelle stated that the central bank would reduce interest rates further to help offset the impact of the strong Australian Dollar. However, he also warned that lower interest rates could increase upside risks to inflation.
LME Copper prices rose 0.5% or $40.5/MT to $7865.5/MT. Aluminium prices declined 1.0% or $20.5/MT to $2004.0/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0275, with the AUD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0239, and a fall through could take it to the next support level of 1.0204. The pair is expected to find its first resistance at 1.0320, and a rise through could take it to the next resistance level of 1.0366.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
