COZforex: The Australian dollar edged higher against its US counterpart on Tuesday, despite the release of downbeat Australian business confidence data, although downbeat Chinese data over the weekend continued to weigh.

AUD/USD hit 0.9064 amid late Asian trade, the session high; the pair subsequently consolidated at 0.9037, adding 0.18%. COZforex senior currency strategist Ian • Quigley said, AUD/USD is predicted to find support at 0.9005, and a drop through could take it to the next support level of 0.8982. Meanwhile, the pair is predicted to find its first resistance at 0.9054, and a rise through could take it to the next resistance line of 0.9080.

The National Australia Bank earlier said that its business confidence index ticked down to 7 in February, from a reading of 8 the previous month.

But the Aussie's gains were expected to remain limited as investors were still jittery after data released over the weekend showed that Chinese exports fell 18.1% on a year-over-year basis in February, confounding expectations for a 6.8% increase, following a rise of 10.6% in January.

Meanwhile, China is Australia's biggest export partner.


(COZ forex UK)