For the 24 hours to 23:00 GMT, the AUD declined 0.30% against the USD and closed at 0.7688.
LME Copper prices declined 3.2% or $222.0/MT to $6784.0/MT. Aluminium prices declined 5.0% or $108.5/MT to $2073.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7694, with the AUD trading 0.08% higher against the USD from yesterday’s close.
Overnight data revealed that Australia’s Westpac leading index rebounded 0.29% on a monthly basis in February, after recording a revised fall of 0.27% in the prior month.
The pair is expected to find support at 0.7675, and a fall through could take it to the next support level of 0.7656. The pair is expected to find its first resistance at 0.7717, and a rise through could take it to the next resistance level of 0.7740.
Going forward, Australia’s unemployment rate data for February, scheduled to release overnight, will be closely monitored by market participants.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
