AUD/USD: Australia’s Westpac leading index dropped in January


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.28% against the USD and closed at 0.7881.

LME Copper prices declined 0.9% or $66.0/MT to $7027.0/MT. Aluminium prices declined 1.2% or $27.0/MT to $2239.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7859, with the AUD trading 0.28% lower against the USD from yesterday’s close.

Overnight data revealed that Australia’s Westpac leading index fell 0.24% on a monthly basis in January, compared to a revised gain of 0.21% in the previous month.

Moreover, the nation’s seasonally adjusted construction work done retreated 19.4% on a quarterly basis in the three months to December 2017, more than market expectations for a drop of 10.0%. In the prior quarter, construction work done had climbed 15.7%.

The pair is expected to find support at 0.7831, 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 0.7911, and a rise through could take it to the next resistance level of 0.7962.

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

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