AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.4% against the USD and closed at 0.7104.
LME Copper prices declined 0.52% or $23.5/MT to $4507.0/MT. Aluminium prices rose 0.47% or $7.0/MT to $1499.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7092, with the AUD trading 0.16% lower from yesterday’s close.
Early this morning, data indicated that Australia’s consumer inflation expectation remained steady at 3.6% in January.
The pair is expected to find support at 0.7039, and a fall through could take it to the next support level of 0.6986. The pair is expected to find its first resistance at 0.7150, and a rise through could take it to the next resistance level of 0.7207.
Going ahead, market participants will keep a close watch on Australia’s home loans data, scheduled to be released in the early hours tomorrow.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
