AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.2% against the USD and closed at 0.6873.
LME Copper prices rose 1.15% or $49.5/MT to $4360.0/MT. Aluminium prices rose 1.29% or $19.0/MT to $1486.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6868, with the AUD trading 0.08% lower from yesterday’s close.
Early this morning, data showed that in China, Australia’s largest trading partner, Q4 GDP expanded by 6.8%, down from prior quarter’s 6.9% growth indicating that the nation’s economy grew at its slowest pace since 1990. Additionally, the nation’s industrial production advanced less than expected by 5.9% YoY in December after recording a gain of 6.2% in the preceding month and compared to market expectation of an increase of 6.0%. Moreover, the nation’s retail sales rose less than expected by 11.1% YoY in December while investors expected it to rise by 11.3%, compared to previous month’s gain of 11.2%.
The pair is expected to find support at 0.6828, and a fall through could take it to the next support level of 0.6788. The pair is expected to find its first resistance at 0.6918, and a rise through could take it to the next resistance level of 0.6968.
Amid no macroeconomic releases in Australia today, trading trends in the Aussie is expected to be determined by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
