AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, the AUD weakened 0.41% against the USD to close at 1.0307. The US Dollar gained after the release of stronger-than-expected increase in US consumer sentiment and a surge in the New York manufacturing data. However, industrial production unexpectedly declined.
LME Copper prices declined 0.1% or $6.8/MT to $8198.5/MT. Aluminium prices rose 0.4% or $7.8/MT to $2123.0/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0288, with the AUD trading 0.18% lower from Friday’s close.
The pair is expected to find support at 1.0251, and a fall through could take it to the next support level of 1.0213. The pair is expected to find its first resistance at 1.0349, and a rise through could take it to the next resistance level of 1.0409.
Data released this morning indicated that the seasonally adjusted new motor vehicle sales in Australia dropped 2.4% (MoM) in January, compared to a revised 2.7% rise posted last month.
Investors keenly eye the Reserve Bank of Australia’s minutes from its latest policy meetings scheduled for release tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
