AUD/USD: Australia’s consumer price inflation rose more than expected in 4Q 2018


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.08% against the USD and closed at 0.7154.

LME Copper prices rose 0.2% or $11.0/MT to $6007.0/MT. Aluminium prices declined 0.4% or $7.0/MT to $1853.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7193, with the AUD trading 0.55% higher against the USD from yesterday’s close.

Overnight data revealed that Australia’s consumer price index (CPI) climbed 0.5% on a quarterly basis in 4Q 2018, compared to a gain of 0.4% in the prior quarter. Market participants had expected the CPI to climb 0.4%.

The pair is expected to find support at 0.7159, and a fall through could take it to the next support level of 0.7126. The pair is expected to find its first resistance at 0.7211, and a rise through could take it to the next resistance level of 0.7230.

Amid lack of macroeconomic releases in Australia today, investors would focus on global events for further direction.

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

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