HomeContributorsFundamental AnalysisAUD/USD: Australia's Consumer Confidence Edged Higher In March

AUD/USD: Australia’s Consumer Confidence Edged Higher In March

For the 24 hours to 23:00 GMT, the AUD declined 0.09% against the USD and closed at 0.7558.

LME Copper prices declined 0.8% or $47.0/MT to $5747.0/MT. Aluminium prices declined 1.7% or $31.0/MT to $1851.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7569, with the AUD trading 0.15% higher against the USD from yesterday’s close.

Early morning data showed that Australia’s Westpac consumer confidence index inched 0.1% higher to a level of 99.7 in March, compared to a level of 99.6 in the previous month.

The pair is expected to find support at 0.7544, and a fall through could take it to the next support level of 0.7520. The pair is expected to find its first resistance at 0.7586, and a rise through could take it to the next resistance level of 0.7604.

Moving ahead, Australia’s jobs report for February and consumer inflation expectations for March, slated to release in the early hours’ tomorrow, will be on investor’s radar.

The currency pair is showing convergence with 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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