AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.04% against the USD and closed at 0.7075.
LME Copper prices declined 0.92% or $42.0/MT to $4530.5/MT. Aluminium prices declined 0.27% or $4.0/MT to $ 1492.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7057, with the AUD trading 0.26% lower from yesterday’s close.
Early morning data indicated that Australia’s Westpac consumer confidence index rose by 4.2% in February, compared to a fall of 3.5% in the previous month. Additionally, the nation’s new home sales advanced for the first time in four-months, increasing by 6.0% MoM in December, following a drop of 2.7% in the previous month.
The pair is expected to find support at 0.6988, and a fall through could take it to the next support level of 0.6919. The pair is expected to find its first resistance at 0.7111, and a rise through could take it to the next resistance level of 0.7166.
Going ahead, investors will keep a close watch on Australia’s consumer inflation expectation data for February, scheduled to be released in the early hours tomorrow.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.