AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.28% against the USD to close at 0.9011.
LME Copper prices declined 0.2% or $15.0/MT to $7115.0/MT. Aluminium prices rose 0.5% or $9.0/MT to $1708.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9005, with the AUD trading 0.07% lower from yesterday’s close, after iron ore prices for Chinese imports fell to $119.10 a metric ton yesterday and notched its lowest level in seven months. The Aussie also came under pressure after construction work in Australia unexpectedly fell 1.0% in the fourth quarter, compared to a 3.0% increase registered in the preceding quarter.
The pair is expected to find support at 0.8968, and a fall through could take it to the next support level of 0.8931. The pair is expected to find its first resistance at 0.9042, and a rise through could take it to the next resistance level of 0.9079.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
