AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.37% against the USD and closed at 0.7176.
LME Copper prices rose 0.45% or $21.0/MT to $4726.0/MT. Aluminium prices declined 1.91% or $31.0/MT to $1590.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7226, with the AUD trading 0.7% higher from yesterday’s close.
Early this morning, GDP data showed that Australia’s economy expanded more-than-expected by 0.6% QoQ in Q4 2015, decreasing the odds that the RBA will cut interest rates this year. In the previous quarter to the nation’s GDP recorded a revised advance of 1.1%, while markets expected the economy to expand by 0.4%. Additionally, the nation’s HIA new home sales index advanced for the second consecutive month by 3.1% MoM in January, following a gain of 6.0% in the previous month.
The pair is expected to find support at 0.7145, and a fall through could take it to the next support level of 0.7063. The pair is expected to find its first resistance at 0.7273, and a rise through could take it to the next resistance level of 0.7320.
Looking ahead, investors will look forward to Australia’s AiG performance of services index for February, due in the late hours today. Moreover, the nation’s trade balance data for January, slated to release in the early hours tomorrow, will also attract investor attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
