AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.43% against the USD to close at 0.8747.
LME Copper prices declined 0.1% or $6.0/MT to $7209.0/MT. Aluminium prices declined 0.2% or $3.5/MT to $1709.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8727, with the AUD trading 0.23% lower from yesterday’s close, amid tepid economic data from Australia.
Economic data released this morning showed that HIA new home sales in Australia dropped 0.4% (MoM) in December, compared to a 7.5% rise in the previous month. On a quarterly basis, import price index dropped 0.6% in Q4 2013, while export price index dropped 0.5% for the same quarter.
In China, Australia largest trading partner, economic data revealed that the HSBC manufacturing purchasing managers’ index dropped to a reading of 49.5 in January, from a reading of 50.5 in the previous month.
The pair is expected to find support at 0.8687, and a fall through could take it to the next support level of 0.8646. The pair is expected to find its first resistance at 0.8790, and a rise through could take it to the next resistance level of 0.8852.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
