AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.72% against the USD to close at 0.7016.
LME Copper prices declined 1.87% or $86.0/MT to $4514.0/MT. Aluminium prices declined 0.14% or $2.0/MT to $1455.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7057, with the AUD trading 0.57% higher from yesterday’s close.
Early this morning, data showed that Australia’s AiG performance of construction index dropped to a level of 46.8 in December, from a reading of 50.7 in the preceding month. Additionally, the nation’s seasonally adjusted retail sales rose consecutively for the fourth month, after it grew by 0.4% in November on a monthly basis, in line with market expectations and compared to previous month’s reading of 0.6%.
The pair is expected to find support at 0.6999, and a fall through could take it to the next support level of 0.6941. The pair is expected to find its first resistance at 0.7096, and a rise through could take it to the next resistance level of 0.7135.
The currency pair is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
