AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.13% against the USD and closed at 0.7080.
LME Copper prices rose 2.1% or $133.5/MT to $6553.5/MT. Aluminium prices rose 0.5% or $9.0/MT to $1868.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7032, with the AUD trading 0.68% lower against the USD from yesterday’s close, following weaker than expected economic growth data from Australia.
Data revealed that, in Australia, seasonally adjusted GDP advanced 0.2% on a quarterly basis in 4Q18, less than market expectations for a rise of 0.5%. The GDP had recorded a rise of 0.3% in the previous quarter.
The pair is expected to find support at 0.7010, and a fall through could take it to the next support level of 0.6988. The pair is expected to find its first resistance at 0.7073, and a rise through could take it to the next resistance level of 0.7114.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
