AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.24% against the USD to close at 1.0535, as investors were disappointed by a sharp drop in the Australian consumer price index.
LME Copper prices rose 0.6% or $47.8/MT to $8115.3/MT. Aluminium prices rose 1.9% or $39.0/MT to $2047.3/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0514, with the AUD trading 0.20% lower from yesterday’s close, amid speculation that the Reserve Bank of Australia (RBA) would cut interest rates in its next meeting. Yesterday’s weak inflation data added chances for the central bank to slash rates when it holds next meeting on February 5.
The pair is expected to find support at 1.0493, and a fall through could take it to the next support level of 1.0471. The pair is expected to find its first resistance at 1.0553, and a rise through could take it to the next resistance level of 1.0591.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
