AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 3.85% against the USD and closed at 0.6676 on Friday.
LME Copper prices declined 1.3% or $73.0/MT to $5,653.0x/MT. Aluminium prices fell 0.3% or $4.5/MT to $1,693.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6701, with the AUD trading 0.37% higher against the USD from Friday’s close.
Elsewhere, in China, Australia’s largest trading partner, consumer price inflation climbed to 5.4% on a yearly basis in January, registering its highest level in more than eight years and compared to 4.5% in the previous month. Additionally, the producer price index (PPI) rose 0.1% on an annual basis in January, in line with market expectations and compared to a drop of 0.5% in the previous month.
The pair is expected to find support at 0.6667, and a fall through could take it to the next support level of 0.6634. The pair is expected to find its first resistance at 0.6729, and a rise through could take it to the next resistance level of 0.6758.
Looking ahead, market participants would keep a close watch on Australia’s home loans data for December and the NAB business confidence for January, slated to release overnight.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
