AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 1.0560.
LME Copper prices declined 1.1% or $85.3/MT to $7944.5/MT. Aluminium prices declined 2.9% or $60.0/MT to $2002.3/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0562, with the AUD trading marginally higher from yesterday’s close.
On the economic front, consumer confidence index in Australia rose to a reading of 100.6 in January, from a reading of 100.0 registered in the previous month. Also, the seasonally adjusted new motor vehicle sales rose 2.2% (MoM) in December, following an upwardly revised 0.2% rise in November.
The pair is expected to find support at 1.0532, and a fall through could take it to the next support level of 1.0502. The pair is expected to find its first resistance at 1.0586, and a rise through could take it to the next resistance level of 1.0610.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
