AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.32% against the USD and closed at 0.7272.
LME Copper prices rose 1.2% or $71.0/MT to $6148.0/MT. Aluminium prices rose 0.5% or $9.5/MT to $1880.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7240, with the AUD trading 0.44% lower against the USD from yesterday’s close.
Overnight data revealed that Australia’s AIG performance of manufacturing index jumped to a level of 52.5 in January, following a revised level of 50.0 in the prior month. Moreover, the nation’s producer price index advanced 2.0% on an annual basis in 4Q 2018, compared to a rise of 2.1% in the previous quarter.
The pair is expected to find support at 0.7220, and a fall through could take it to the next support level of 0.7199. The pair is expected to find its first resistance at 0.7278, and a rise through could take it to the next resistance level of 0.7315.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
