AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.09% against the USD to close at 0.9037.
LME Copper prices declined 0.2% or $11.5/MT to $6434.5/MT. Aluminium prices rose 0.1% or $2.0/MT to $1674.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9060, with the AUD trading 0.25% higher from yesterday’s close. Earlier today, the CB leading indicator in Australia advanced 0.2% in January, following a 0.8% rise in the previous month.
Meanwhile, China’s Beige Book showed that slowing retail sales growth weighed on China’s economic growth this quarter. Furthermore, the report also projected the nation to face difficulties in achieving its 7.5% growth target this year without the help of stimulus measures.
The pair is expected to find support at 0.9014, and a fall through could take it to the next support level of 0.8968. The pair is expected to find its first resistance at 0.9087, and a rise through could take it to the next resistance level of 0.9114.
The currency pair is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
