AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.02% against the USD to close at 1.0606.
In the Asian session, at GMT0400, the pair is trading at 1.0578, with the AUD trading 0.26% lower from yesterday’s close. In economic news, Conference Board Leading Index in Australia, rose 1.1% in January, following a 0.3% drop in December, showing positive mid-term growth prospects in Australia.
Meanwhile, Reserve Bank of Australia, in its meeting minutes, kept the benchmark interest rate unchanged.
LME Copper prices declined 0.5% or $45.8/MT to $ 8574.5/ MT. Aluminium prices declined 0.1% or $3.3/MT to $ 2218.8/ MT.
The pair is expected to find support at 1.0541, and a fall through could take it to the next support level of 1.0503. The pair is expected to find its first resistance at 1.0627, and a rise through could take it to the next resistance level of 1.0675.
Trading trends in the pair today are expected to be determined by the release of Westpac Leading Index in Australia.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
