Topic: COZfx: Aussie strengthened marginally against Dollar after Easter
COZforex: The Australian dollar rose against its US counterpart in subdued trade on Tuesday, as global financial centers returned from the long Easter weekend.
AUD/USD hit 0.9367 amid late Asian trade, the pair's highest since April 17; the pair subsequently consolidated at 0.9365 gaining 0.40%. COZforex senior currency strategist Ian • Quigley said, AUD/USD is predicted to find support at 0.9325, and a drop through could take it to the next support line of 0.9299. Meanwhile, the pair is predicted to find its first resistance at 0.9369, and a rise through could take it to the next resistance line of 0.9387.
LME Copper prices rise 0.5% or $31.0/MT to $6631.0/MT. Meanwhile, aluminium prices advanced 0.2% or $4.0/MT to $1837.0/MT.
In Australia, the Conference Board said that its leading index rise 0.3% in February, after a 0.2% gain the previous month.
Meanwhile, the greenback remained supported after upbeat US data on manufacturing and employment last week pointed to underlying strength in the economy.
The Labor Department reported the number of people filing for unemployment benefits edged up to 304,000, below analysts’ forecasts and not far from the 6 1/2 year low of 300,000 touched the previous week.
Traders would keep a close eye on Australia’s consumer inflation data, due for release on Wednesday. Later in the day, the US was to release private sector data on existing home sales.
(COZ forex UK)