AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.71% against the USD to close at 1.0579.
LME Copper prices rose 0.7% or $58.0/MT to $8116.5/MT. Aluminium prices rose 0.6% or $13.0/MT to $2074.2/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0583, with the AUD trading marginally higher from yesterday’s close.
This morning in China, the consumer price inflation rose to 2.5% annually in December, following a 2.0% rate recorded in November. However, the producer price index (PPI) retreated 1.9% annually in December, from a 2.2% drop recorded in the previous month.
The pair is expected to find support at 1.0552, and a fall through could take it to the next support level of 1.0520. The pair is expected to find its first resistance at 1.0607, and a rise through could take it to the next resistance level of 1.0630.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
