AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.29% against the USD to close at 1.0774.
In the Asian session, at GMT0400, the pair is trading at 1.0777, with the AUD trading marginally higher from yesterday’s close, after the National Australia Bank (NAB) business survey indicated that business conditions improved in the December quarter, following a moderation in the June quarter.
However, gains were limited, as China’s annual inflation rate came in higher-than-expected, climbing 4.5% in January, well above market expectations for a 4.0% rise.
LME Copper prices rose 3.0% or $250.5/MT to $8585.8/ MT. Aluminium prices rose 2.9% or $63.8/MT to $2236.3/ MT.
The pair is expected to find support at 1.0729, and a fall through could take it to the next support level of 1.0682. The pair is expected to find its first resistance at 1.0834, and a rise through could take it to the next resistance level of 1.0892.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
