AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened slightly against the USD to close at 1.0418.
In the Asian session, at GMT0400, the pair is trading at 1.0407, with the AUD trading 0.11% lower from yesterday’s close.
This morning in Australia, the import price index advanced 2.5% (QoQ) in three months to December, while the export price index fell 1.5% (QoQ).
Meanwhile in China, the preliminary HSBC Manufacturing Purchasing Managers Index rose marginally to 48.8 in January, compared to 48.7 in December.
LME Copper prices rose 2.4% or $194.5/MT to $8350.3/ MT. Aluminium prices rose 0.3% or $6.3/MT to $2180.8/ MT.
The pair is expected to find support at 1.0374, and a fall through could take it to the next support level of 1.0341. The pair is expected to find its first resistance at 1.0437, and a rise through could take it to the next resistance level of 1.0467.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
