AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 1.02% against the USD and closed at 0.7655.
LME Copper prices declined 0.5% or $28.0/MT to $5903.0/MT. Aluminium prices declined 0.3% or $5.0/MT to $1813.0/MT.
On the economic front, Australia’s AIG performance of services index eased to a level of 54.5 in January. In the previous month, the AIG performance of services index had recorded a level of 57.7.
In the Asian session, at GMT0400, the pair is trading at 0.7649, with the AUD trading 0.08% lower against the USD from yesterday’s close.
Early morning data revealed that in China, Australia’s largest trading partner, Caixin manufacturing PMI index declined to a level of 51.0 in January, compared to market expectations of a fall to a level of 51.8 and after recording a reading of 51.9 in the prior month.
The pair is expected to find support at 0.7620, and a fall through could take it to the next support level of 0.7591. The pair is expected to find its first resistance at 0.7687, and a rise through could take it to the next resistance level of 0.7725.
Moving ahead, investors will concentrate on Reserve Bank of Australia’s (RBA) interest rate decision along with Australia’s AiG performance of construction index, retail sales, HIA new home sales data, all set to release next week.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
