By GCI Forex Research
AUDUSD MovementFor the 24 hours to 23:00 GMT, AUD weakened 0.37% against the USD to close at 1.0118.
According to a monthly survey by The National Australia Bank, Australian business confidence rose to 14 points in February, from a reading of 4 in January. The NAB’s Business Conditions Index rose 2 points and reached -4 points in February 2011, even as confidence picked up sharply.
In the Asian session at 4:00GMT, the pair is trading at 1.0123, 0.05% higher from the New York session close.
LME Copper prices declined 1.3% or $130.0/MT to $9,840.3/ MT. Aluminium prices declined 0.8% or $21.8/ MT to $2,565.8/ MT.
The pair is expected to find first short term resistance at 1.0174, with the next resistance levels at 1.0224 and 1.0313, subsequently. The first support for the pair is seen at 1.0085, followed by next supports at 1.0046 and 0.9957 respectively.
Economic releases such as Westpac Consumer Confidence are expected to be the key indicators to determine future trading trends in the currency pair.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
Forex Daily Market Commentary provided by GCI Financial Ltd.
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