AUD/USD: Aussie trading on a stronger footing in the morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 1.33% against the USD and closed at 0.7249.

LME Copper prices rose 1.2% or $70.0/MT to $6077.0/MT. Aluminium prices rose 1.0% or $18.0/MT to $1871.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7267, with the AUD trading 0.25% higher against the USD from yesterday’s close.

Overnight data indicated that private sector credit rose 0.2% on a monthly basis in December, less than market expectations for a rise of 0.3%. In the previous month, private sector credit had climbed 0.3%.

Elsewhere in China, Australia’s largest trading partner, the NBS manufacturing PMI unexpectedly climbed to a level of 49.5 in January, confounding market expectations for a fall to a level of 49.3. In the previous month, the PMI had recorded a reading of 49.4.

The pair is expected to find support at 0.7208, and a fall through could take it to the next support level of 0.7148. The pair is expected to find its first resistance at 0.7300, and a rise through could take it to the next resistance level of 0.7332.

Going forward, investors would await Australia’s AiG performance of manufacturing index and the CBA manufacturing PMI, both for January, slated to release overnight.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

This entry was posted in AUD/USD. Bookmark the permalink.

Comments are closed.