AUD/USD: Aussie reverses its losses in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 2.68% against the USD and closed at 0.6757 yesterday.

LME Copper prices declined 1.1% or $64.0/MT to $5715.0/MT. Aluminium prices declined 0.6% or $11.0/MT to $1744.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6775, with the AUD trading 0.27% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s consumer price index (CPI) recorded a rise of 0.7% on a quarterly basis, higher than market expectations for the CPI to rise to 0.6% and compared to an advance of 0.5% in the prior quarter. Meanwhile, Australia’s trimmed mean CPI climbed 0.4% on a quarterly basis in 4Q19, in line with market expectations.

The pair is expected to find support at 0.6749, and a fall through could take it to the next support level of 0.6723. The pair is expected to find its first resistance at 0.6789, and a rise through could take it to the next resistance level of 0.6803.

Looking ahead, market participants would keep a close watch on Australia’s import and export price indices data, scheduled to release in the early hours tomorrow.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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