AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 1.67% against the USD and closed at 0.7079.
LME Copper prices declined 0.34% or $16.0/MT to $4669.0/MT. Aluminium prices declined 0.07% or $1.0/MT to $1531.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7082, with the AUD trading 0.06% higher from Friday’s close.
Over the weekend, data showed that in China, Australia’s largest trading partner, foreign exchange reserves rose more than anticipated to a level of ¥3.23 trillion MoM in January, from a reading of ¥3.33 trillion in the preceding month.
The pair is expected to find support at 0.7024, and a fall through could take it to the next support level of 0.6966. The pair is expected to find its first resistance at 0.718, and a rise through could take it to the next resistance level of 0.7278.
Going ahead, Australia’s new home sales and NAB business confidence data, set to release in the early hours tomorrow, will grab a lot of market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
