AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 3.72% against the USD and closed at 0.6685, on lingering concerns over the coronavirus outbreak amid rising death toll in China.
LME Copper prices rose 0.1% or $6.5/MT to $5,659.5/MT. Aluminium prices declined 1.0% or $17.5/MT to $1,676.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6709, with the AUD trading 0.36% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s NAB business confidence index rose to a level of -1.0 in January, compared a revised reading of -2.0 in the prior month. Additionally, home loan approvals climbed 4.4% on a monthly basis in December, compared to a revised rise of 1.9% in the prior month. Meanwhile, the NAB business conditions index remained steady at a level of 3.00 in January.
The pair is expected to find support at 0.6684, and a fall through could take it to the next support level of 0.6659. The pair is expected to find its first resistance at 0.6722, and a rise through could take it to the next resistance level of 0.6735.
Going ahead, traders would keep a close watch on Australia’s Westpac consumer confidence index for February, due overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
