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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.48% against the USD and closed at 0.7163.

LME Copper prices declined 0.4% or $23.0/MT to $6246.5/MT. Aluminium prices rose 0.6% or $11.0/MT to $1833.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7165, with the AUD trading marginally higher against the USD from yesterday’s close.

Overnight data revealed that Australia’s Westpac leading index slightly dropped 0.01% on a monthly basis in January. The index had recorded a revised fall of 0.26% in the previous month.

The pair is expected to find support at 0.7120, and a fall through could take it to the next support level of 0.7076. The pair is expected to find its first resistance at 0.7193, and a rise through could take it to the next resistance level of 0.7222.

Moving ahead, investors would closely monitor Australia’s CBA manufacturing and services PMI’s for February, scheduled to release overnight.

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

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