AUD/USD: Australia’s construction sector activity accelerated in January


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.44% against the USD and closed at 0.7904.

LME Copper prices rose 0.1% or $10.0/MT to $7060.0/MT. Aluminium prices declined 0.3% or $6.0/MT to $2196.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7882, with the AUD trading 0.28% lower against the USD from yesterday’s close.

Data released overnight indicated that Australia’s AiG performance of construction index advanced to a level of 54.3 in January, compared to a reading of 52.8 in the prior month.

The pair is expected to find support at 0.7842, and a fall through could take it to the next support level of 0.7802. The pair is expected to find its first resistance at 0.7916, and a rise through could take it to the next resistance level of 0.7950.

Looking forward, Australia’s NAB business confidence index for 4Q, slated to release overnight, will be on investors’ radar.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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