HomeContributorsFundamental AnalysisAUD/USD: Australian Business Confidence Edged Lower In February

AUD/USD: Australian Business Confidence Edged Lower In February

For the 24 hours to 23:00 GMT, the AUD marginally declined against the USD and closed at 0.7565.

LME Copper prices rose 1.4% or $79.5/MT to $5794.0/MT. Aluminium prices declined 0.1% or $2.5/MT to $1882.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7557, with the AUD trading 0.11% lower against the USD from yesterday’s close.

Early morning data indicated that Australia’s NAB business confidence index dropped to a level of 7.0 in February, compared to a level of 10.0 in the previous month. Further, the nation’s NAB business conditions index eased to a level of 9.0 in February. In the previous month, the index had registered a level of 16.0.

Elsewhere, in China, Australia’s largest trading partner, industrial production (YTD) advanced more-than-expected by 6.3% YoY in February, following a gain of 6.0% in the prior month. Additionally, the nation’s retail sales (YTD) climbed 9.5% on an annual basis in February, undershooting market expectations for a rise of 10.6% and after recording a rise of 10.4% in the previous month.

The pair is expected to find support at 0.7539, and a fall through could take it to the next support level of 0.752. The pair is expected to find its first resistance at 0.7584, and a rise through could take it to the next resistance level of 0.761.

Moving ahead, market participants will focus on Australia’s Westpac consumer confidence index for March, slated to release overnight.

The currency pair is trading between 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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