HomeContributorsFundamental AnalysisAussie Extends Its Losses In The Asian Session

Aussie Extends Its Losses In The Asian Session

For the 24 hours to 23:00 GMT, the AUD declined 3.83% against the USD and closed at 0.6677.

LME Copper prices rose 0.3% or $17.5/MT to $5,745.5/MT. Aluminium prices rose 0.3% or $5.0/MT to $1,686.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6636, with the AUD trading 0.61% lower against the USD from yesterday’s close.

Overnight data indicated that Australia’s unemployment rate rose to 5.3% in January, compared to 5.1% in the previous month.

The pair is expected to find support at 0.6608, and a fall through could take it to the next support level of 0.6580. The pair is expected to find its first resistance at 0.6686, and a rise through could take it to the next resistance level of 0.6736.

Moving ahead, investors would keep an eye on Australia’s Commonwealth Bank manufacturing & services PMIs for February, due overnight.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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